Since the beginning of this year, the government has raised interest rates in an attempt to combat inflation and temper the demand for homes that caused runaway prices. For the first time in a long time, supply is only down by 1.8%, dropping from 2,925 available homes last June to 2,873 homes this June.
The number of sold homes rose by 1.7% year over year, climbing from 6,468 in 2021 to 6,576 this year. We’ll keep an eye on this number in the coming months, but if it stays around 1%, then the median number of homes sold will be nearly even with 2021.
“We’re shifting back toward a more normalized market. “
The median home price has risen by 18.6% since last year, and is now $299,999. For perspective, the median price in 2009 was around $140,000. The average price increased by 14.1% to $354,325. Keep in mind that the average price accounts for some of the higher sales, whereas the median is simply the middle number amid the data. The average days on market dropped by 35% from 40 days to 26 days.
What does this all mean? Because supply is low, many homes are still getting multiple offers and sell for over asking price. However, those homes aren’t receiving as many bids and aren’t selling as quickly as they had been for a while last year. That might throw some sellers for a loop after they heard stories about other homeowners selling their homes with multiple offers in just a few days. But that just means that we’re shifting back toward a more normalized market.
If you have any questions about what’s going on in today’s market or how it affects your real estate plans, don’t hesitate to reach out to me. Hope to hear from you soon!