In February , the median remained unchanged at $499,000 compared to the $499,000 in January 2023.
The median is 7.6 % lower than it was a year ago.
Currently there is 1.6 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 real estate market has been experiencing some headwinds for several months due to increased interest rates and inflation. However, the market is showing some signs of life for the spring selling season. Buyers are still being conservative but some competition has come back to the market due to not a lot of homes available for sale. It is currently a balanced market where some homes are selling quickly with a few offers and others are sitting on the market and needing to have price reductions in order to attract buyers. The sellers that are having success in 2023 are pricing their home right from the start, having the home show well and have great marketing from their real estate agent.