How the March 2022 real estate market compares to March 2021.
It’s time for our March 2022 market recap! We’ll be comparing the numbers from last month to the data from last year.
The absorption rate shows us how long it would take to run out of homes to sell. Last month, we had a 0.81 absorption rate, or 0.81 months’ worth of inventory on the market. That only dropped by about 12% from last year. It’s still a competitive market, and the inventory is staying very low.
The average list price was $421,000 last month, compared to $375,000 last year. Home values have risen about 12% since last year, which is substantial. The average days on market was 33 days last month; a year ago, it was 39 days. Homes are selling fast.
The number of listings sold in March was 1,511. Last year, we sold 1,565. We’re still very close to the numbers from last year, but active and new listings are down a little bit.
Overall, we’re staying steady from last year, but of course, we’ve seen some pretty crazy trends. The one thing that is changing is interest rates. Interest rates are rising, and we knew this was going to happen, but it will affect you all the same.
For a 15-year loan, your rate will be about 4.5%. On a 30-year loan, you’ll get around a 4.99% rate. Todd at Statewide Mortgage said he would be surprised if we had rates in the low 6% range by the end of the year.
Rates couldn’t stay low forever, but the market is still very active. If you’re thinking about buying, selling, or just have some questions about this market, we have a fabulous team here, and we’d love to help. Just call us at (502) 458-2722, or email us.