How has the market changed since last year, and what does it mean? 

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Many people are feeling uncertain about our current real estate market. To help put things into perspective, let’s compare the most recent numbers from May to the same time last year. The state of the real estate market is not as dire as many believe.

 

The average home price leaped from $178,000 in May 2021 to $209,000 this year, which is great news for homeowners. Year to date, the average sales price has hovered around $200,000—that’s year-round, not just during our peak summer months. Days on market has dropped since last year, falling from an average of 22 days to a mere four days.

 

"The state of the real estate market is not as dire as many believe."

 

What does this mean? For now, prices and the time that homes spend on the market will remain stable. This is great news for homeowners who are thinking of selling since it means they’ll still have positive equity in their homes.

 

I want to continue to provide you with market knowledge to keep you informed about what’s going on and how it can benefit you. If you have any questions, don’t hesitate to give me a call or send me an email. I’d love to hear from you.