Comparing August 2021 to August 2022 to see how things have shifted.
Today I’m here to briefly recap what happened in our real estate market in August 2022 and compare it to August 2021.
Let’s start with the absorption rate, which is the amount of time it would take a sale to sell a house that’s currently listed. In August 2022, the absorption rate was 1.57 months. The absorption rate for August 2021 was 1.34 months. That’s an increase of 17%. This means that things are taking only a little bit longer to sell, but still sell super quickly.
The average listing price for 2021 was $374,985. This year it was $395,777. That’s an increase of 5.5%. The median listing price last year was $250,000. This year it was $289,900. That’s almost a 16% increase, which is good for sellers.
I’m sure you’ve heard that interest rates are continuing to rise, but you shouldn’t be very worried about them because they are still low compared to the historical average. If you want to find out what type of great interest rate you can get, call our friends at Statewide Mortgage. They’re locally owned and run. It makes a big difference to have them right here in our backyard to give you great information and a top notch experience from beginning to end.
If you have any questions, don’t hesitate to reach out to me by phone or email. I’m always happy to help, and I look forward to hearing from you.