Here’s what buyers and sellers need to know about our market.
What’s going on in our real estate market? We’re halfway through the year, so I thought it would be a great time to look back on 2022’s market so far.
Year to date, 767 homes have sold in our area, which is a 4.5% increase from this time last year. The median days on market is five, so 50% of homes sell in less than a week. Meanwhile, the median sales price is up to $298,900, which is a 14% increase compared to this time last year.
As of writing this blog post, there are 350 homes under contract expected to close by the end of the year. Half of these contracts are new construction, so we’ll have to see how many will actually close.
About 113 contracts were signed in June 2022, which is a big drop from last June, when 143 were signed. I’m not sure if this is a summer slump or the start of a new trend. Meanwhile, the median days on market is up from five to 12 in June, so I’ll continue to monitor the situation and update you with any changes.
The biggest change in our market so far this year is our rising interest rates. Rates are currently at around 6%, which is nearly double what they were at this time last year. What does this mean for the rest of the year? It’s a little too early to say for sure, but we could be returning to a more normal real estate market.
That being said, sellers still have the upper hand. If you’re patient and work with a great agent, you can still get top dollar for your home. Just don’t expect to receive 30 offers within a few days. Our new market presents a great opportunity for buyers. If you’ve been sitting out of the market and waiting for less competition, now might be the time to make a move.
If you have questions about today’s topic or anything else related to real estate, please call or email me. I look forward to hearing from you!