We’ve seen our real estate market drastically change since last year.
Our real estate market is shifting, which has given us a lot to discuss. Interest rates were hovering around 3% last year but are now between 5.5% and 6%. Rising interest rates have affected our market in multiple ways. Today I’ll go over what happened in the second quarter of 2022 and compare that data to the second quarter of 2021.
The number of new listings was down about 1%. This minor decrease is likely due to normal fluctuations in the market. Home sales were down about 2.5%. This is just outside of the margin for error and may slightly be due to some buyers dropping out of the market because of rising interest rates. However, the two statistics we found to be the most affected by rising rates were days on market and prices.
The average house is still selling in about 16 days, but a home that’s priced well, marketed correctly, and located in a desirable area will sell even faster. Prices rose about 9% from 2021 to 2022, and sellers are getting $10,000 over asking on average.
It’s a great time to have your house on the market, so if you have any questions, send me an email or text me. I look forward to hearing from you and helping you achieve your real estate goals.