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Your Real Estate Market Update for June

Here’s what the latest market numbers mean for buyers and sellers.

The latest numbers for our real estate market are finally here, so today we’ll be going over the data and talking about what it means for buyers and sellers.

Supply is down 37.1% from last year, dropping from 4,649 to 2,925. However, the number of sold homes has gone up 19.6%, increasing from 5,407 to 6,468 year over year. Because supply is low and demand is high, prices are rising as well. On average, we’re selling homes at 106% of asking price, but some have gone as high as 130%. Regardless, nothing has sold below the asking price.

The median price for homes is around $253,000, which is an increase of 12.4% from last year. Many forecasts predict that we’ll continue to see double-digit appreciation throughout the next year, so prices are only going to get higher. It’s a good idea for buyers to get in now while interest rates are still low.

“Buyers and sellers alike can take advantage of this hot market.”

The average price for a home is $310,414, which is up 18% from last year. Keep in mind that this figure is usually somewhere around 2% to 4%, so this year’s appreciation is incredibly high. Some people think this high appreciation means we’re on the verge of a market crash, but this isn’t something to fear. Over 70% of Americans have over 50% equity in their homes, and 38% have their homes entirely paid off. In other words, people can easily sell off their homes without losing a ton of money.

Finally, the average days on market has dropped 33.3% from 60 to 40. In our experience, however, homes we list spend less than 12 days on the market before being sold. In fact, many are sold within two to four days.

Buyers and sellers alike can take advantage of this hot market. If you’re ready to buy or sell a home, or if you have any questions about our market, feel free to reach out to me. I look forward to hearing from you soon.

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Our agents write often to give you the latest insights on owning a home or property in the local area.