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.
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!