The latest real estate market trends from October 2022 to October 2023.
What happened to the market from October 20, 2022, to October 2023? Today, I’ll explore the trends and shifts that have defined the market over the past year, offering insights into what you can expect and how it may impact your real estate endeavors.
Despite the arrival of colder weather and shorter days, the real estate market continues to be active. The average time a property spends on the market has increased slightly compared to 2022, with homes now taking about 36 days to sell. This indicates a minor delay in the sales process, but properties that are appropriately priced and in good condition are still selling within a reasonable time frame.
In terms of pricing, we’ve seen a modest increase in average list prices, with the figure rising from $392,000 in 2022 to $395,000 today. This suggests that property values are continuing to appreciate. However, the average sold prices have experienced a slight decrease, dropping from $311,000 in 2022 to $307,000. This decrease is notable, but it’s important to consider the broader context.
The absorption rate, which measures the available inventory for sale, has increased by about 27%. This means there are more homes on the market, partly due to the longer time properties are staying available. This is good news for buyers, as it offers them a greater selection of options.
Meanwhile, the number of units sold has seen a rise, with 2,339 units sold today, up from 2,519 in 2022. This is a positive indicator of the market’s continued activity. As for interest rates, they have increased and are hovering around 7.95%. However, the exact rate can vary based on factors such as credit score and down payment.
While there has been an increase in inventory and a longer time on the market, the real estate market remains active. It’s worth noting that rates may come down in the future, making it an opportune time for potential buyers to keep a close watch on the market. Whether you’re buying or selling, there are a variety of programs available to assist you in achieving your real estate objectives. Please feel free to call or email me for more information or assistance.
