In December, the median price decreased to $485,000 compared to the $510,000 in November 2022.
The median is 5.3% lower than it was a year ago.
Currently there is 1.8 months worth of inventory. A “normal” or “balanced market” is considered around 2 — 3 months.
The Market is currently leaning toward a balanced market.
The market is experiencing some headwinds due mostly to increased interest rates and inflation. The market has become more sensitive as inventory is starting to increase and buyers are becoming more conservative with higher interest rates. As a seller to have success in the market it’s all about pricing it right, having the house show well and great marketing from your agent.