Here’s what you need to know about our December 2022 housing market.

Happy New Year! I hope you had an amazing holiday season. Today I’m looking back at the latest stats from our housing market and comparing it with where things were this time last year. This should give us a good idea of where our market is heading as we get further into 2023. 

First, the average sales prices continued to climb. In December 2022, it was $292,000, while in December 2021, it was $283,000. That’s an increase of almost 3%. Meanwhile, the average days on the market has changed a ton. In December 2022, the average home spent 42 days on the market, while last year that number was only 24.

“Homes are taking longer to sell, but prices are still high.”

A big reason for this change in days on market has been our increasing interest rates, which are affecting the number of sales in our market. In December of 2022, we had about 1.5 months of inventory in our market, while last year we barely had over a month. Again, that’s because it’s taking longer for homes to sell. This is also why there were 2,400 active listings for December, while a year ago there were just under 2,000. As you can see, rates are affecting everything.

With all that said, it’s still a great time to sell or buy a home. If you are looking to make a move this year, please reach out to me or my team via phone or email. We’d love to speak with you about your plans for 2023.