- Inventory is down 28.1% from this time last year
- Sold homes are up 14.2%
- The median price is up 12.5% to $258,652
- The average price is up 16.5% to $315,025
- The average days on market is down 42.4% to 34 days
Overall, we’re selling way more homes than we did in 2020, and we’re selling them for more money. At the same time, our low inventory is keeping us very much in a seller’s market.
However, some of these data points are starting to trend down. The rate of growth is beginning to slow. Last month, supply was down by over 30% from the year before. This month, that number dropped slightly to 28.1%.
“We’re still in a very strong seller’s market with low interest rates.”
It’s like you’re driving down the highway at 100 mph, and an oncoming car flashes its headlights alerting you to police down the road. Then you knock the speed down to 90. That’s kind of how these numbers are looking. We’re over the speed limit, but we’re not at the breakneck pace that we have seen.
What does that mean for you? It means you should take action if you’ve thought about selling or buying a home. Interest rates are still historically low, and we’re in a strong seller’s market.
If you have any questions about these numbers or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.