What’s Happening in Our Market?
Here’s what you need to know about our local real estate market.
What’s happening in our real estate market? Interest rates have finally started to increase, so today I want to take a look at the latest numbers and discuss what they mean for you.
In March of 2022, our market had 549 homes listed for sale. That’s a 17.6% increase from last year. At the same time, 441 homes were sold in March, which is almost the same as the 431 houses sold last year. Meanwhile, the average sales price increased to a little over $200,000, which is an increase of 3.3% from last year.
At the end of March, we only had 312 homes for sale, but that was an increase from the 262 houses for sale at the end of February. Overall, we saw more homes hit the market in March, and prices continued to increase. Overall, our market remains strong.
Now that the first quarter of 2022 is over, let’s take a look at those numbers as well. In Q1 of 2022, we saw 1,242 homes listed for sale compared to 1,147 last year. Meanwhile, sales were up 2% year over year, with 1,120 homes sold in Q1.
"Our market might be beginning to stabilize."
The average price increased by 5% from last year, which is more than the typical 4% but much lower than the double-digit appreciation from the last few years. This is a much healthier rate of appreciation for our market, and it should help things stabilize in the long term.
As previously mentioned, interest rates are on the rise. The average rate on a 30-year mortgage is right around 5%, which is historically low, but higher than it was last year. Inflation is becoming a bigger issue nationally, and the Federal Reserve is trying to dampen it by raising rates.
This may sound like bad news if you’re looking to buy, but fortunately, our inventory is increasing. We gained additional listings in March, but rates are expected to rise further. Now may be the time to enter the market so you can take advantage of our increasing inventory and low rates while you can.
Meanwhile, it’s always a good time to sell in this market. Homeowners have gained tons of equity over the last few years, so now is a great time to sell your house and use your equity to purchase a new one.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!