Here’s what sellers need to know about our local housing market.
Where is our real estate market heading? If you ask 10 different people, you’ll get 10 different answers. That’s why I’m comparing the latest market statistics from October 2022 to the stats from October 2021 to find out what’s really happening in our market.
The biggest change we saw was that the number of homes sold in October 2022 decreased 22% year over year. In addition, the average number of days on market increased from 15 in 2021 to 24 in 2022.
Sellers are feeling these changes, but it isn’t all bad news. Home prices are still up 4% year over year. That may not be as large of an increase as we saw in 2021, but it is still a very healthy rate.
Sellers can still get top dollar in this market, but they need to have a little more patience. If you have any questions, please call or email me. I am always willing to help!