An Update on Our Shifting Housing Market
Here’s what buyers and sellers need to know about our market.
Do you know what’s happening in our housing market? Things are shifting, but how? What do recent changes mean for buyers and sellers? Today I’ll share the latest numbers and answer these questions.
Three factors determine whether we’re in a buyer’s or seller’s market: median sales price, number of showings, and the average days on market. In 2021, the median sales price in our area was about $270,000. Just a short while ago, our median sales price peaked at $370,000. However, prices have recently begun to trend down.
“Buyers and sellers both have options in this market.“
I believe that prices will continue to fall, and it’s because of our showings. The average listing had 14 showings in February; in July, that number was 7. Not only that, but our months’ supply of homes went from 1.9 in February to 2.7 in July. So prices are going down, inventory is going up, and showings are down.
What does this mean for you? It looks like our market has peaked. If you are thinking about selling, you need to list your home as soon as possible. The longer you wait, the less money you’ll receive. Meanwhile, buyers have a lot more options now than in recent years. It could finally be the time to find your dream home.
If you have questions about this topic or anything else, please call or email me. I am always willing to help!