Discover the key takeaways from the August 2023 real estate market report.
Hey there, everyone! I hope you’re enjoying the beautiful weather. Today, we’re going to dive into the market recap for August 2023 and compare it to last year’s numbers and the year-to-date data. The word of the day, my friends, is “up.”
Everything is on the upswing: interest rates, prices, and even the number of days on the market. Well, maybe not everything. Groceries and gas prices are up too, but let’s stick to real estate. The absorption rate, which measures how long it would take to sell all the inventory in our market area, is a bit low at just over a month and a half. However, it’s a tad longer than last year.
When we look at year-to-date numbers, the picture becomes clearer. Including August, it would take about a month and a half to sell off all the inventory, which isn’t much.
“While the numbers are up, it’s still a great time to sell your house.”
In August, the average list price stood at $396,000, compared to $386,000 last year—prices are indeed up. The median list price, hovering around $300,000, is a more accurate reflection of where most properties are priced. And guess what? It’s also on the rise.
The average sales price for August was $275,000. In comparison, last year’s year-to-date figure was $250,000, meaning we’re up by approximately $10,000. In essence, prices are still up for sellers, about $2,000 more than this time last year.
How long will it take to sell your house? Let’s focus on the median number, which offers a truer measure. In this market, if you price reasonably, it should take about a week and a half, if not less. Last year, it was about a week. So, while the numbers are up, it’s still a great time to sell your house.
If you’d like a free, no-obligation market analysis or need an offer to buy your home and close in as little as seven days, give us a call. It’s quick, painless, and easy. In this market, the sky’s the limit. Don’t miss out on the opportunity. Give us a call today!
