Now that the latest housing market numbers are in for July, it’s a perfect time to look at the changes we’ve seen over the last year.
We had a fantastic seller’s market in July 2020, and it’s only grown stronger since then. The average list price rose from $273,000 to $290,000 year over year, and the average sales price rose from $263,000 to $289,000. A year ago, homes spent an average of 36 days on the market before they sold; this year, they sell in 18 days. This is already incredibly quick, but it’s still not telling the whole story. If you price your home right, you’ll likely get it sold in just a few days.
Last year, we had around 1.68 months’ worth of inventory. Now, we have less than a month of inventory. That means that if no other homes came onto the market, everything would be sold within a month.
Inventory is beginning to increase slightly, as we currently have around 1,800 homes available—over the last few months, we’ve been hovering around 1,000. It’s still a fantastic time to sell, so if you’re ready to jump into the market or if you have any questions, feel free to reach out to me. I look forward to hearing from you soon.