Here’s what you need to know about our changing housing market.
The latest numbers are in—what do they say about our housing market? Conditions are changing, so if you aren’t informed, you could make huge decisions based on outdated information. Today we’ll share everything you need to know about our market.
Our average sales price is currently $419,384, which is up 14.5% year over year. Meanwhile, the average home is selling for 105% of its list price. That seems high, and it is, but this number is lower than it has been in the last few months. In June, the average list-to-sales price ratio was 105.4%, and in April, it was 106.1%. The market certainly isn’t crashing, but it’s slowing down.
As of the day we’re writing this blog, our market had 229 price reductions. Each reduction was around 5.74% on average. That tells us that our market is changing, and the biggest reason for this shift is our rising interest rates. As rates increase, buyers’ purchasing power decreases.
We don’t know for sure where our market is heading. However, we don’t predict a crash. Instead, it’s more likely that our market will slow down and eventually stabilize.
If you have questions about today’s topic or anything else, please call or email us. We are always willing to help!