In May, the median price Increased to $575,000 compared to the $565,000 in April 2022.
The median is 15.3% higher than it was a year ago.
Currently there is 1.4 months worth of inventory. A “normal” or “balanced market” is considered around 2 — 3 months.
The Market is currently favoring sellers.
The market is starting to experience some headwinds due mostly to increased interest rates and inflation. The market is still favoring sellers but things are becoming more sensitive as inventory is starting to increase for the spring season 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
