Here’s what you need to know about our local housing market.
As you may know, our housing market is changing. To give you a better idea of what’s happening, I’ll be comparing the latest numbers from September 2022 to September 2021. Let’s get into it.
“A 6% interest rate is typical right now. ”
The absorption rate for September 2022 was 1.54 months, while it was 1.32 a year ago. Inventory is slightly higher than last year, but it’s still relatively low. Meanwhile, the median list price for September 2022 was $295,000, while it was $248,000 a year ago. The median sales price was $255,000 in 2022 and $240,000 in 2021. Finally, the median days on market was 10 days in September 2022 and 5 days last year.
Generally, our market isn’t as frantic as it was in the past, which I think is good. The main reason our market is changing is higher interest rates. When I talked with my lending partner, they told me that rates depend on several factors, but 6% on a conventional loan is pretty typical right now.
If you have questions on how to tackle this changing market, please call or email me. I would love to help you get the best deal possible!
