The median is 8.9% lower than it was a year ago. Currently there is 1.2 months worth of inventory.
A “normal” or “balanced market” is considered around 2 — 3 months. The Market is currently leaning toward a seller’s market in the $700k and below price range but more balanced above that price point. The real estate market has been experiencing headwinds for several months due to increased interest rates & inflation. However, the market is showing signs of life for the spring.
Buyers are still being conservative but competition has come back to the market due to not a lot of homes available for sale. $700k and below has very little inventory and is favoring sellers as a lot of those homes are having multiple offers. Above that price point, it’s not quite as competitive. However, due to higher interest rates, buyers are still being cautious. So yes, there is multiple offers but if it’s over priced the homes are sitting. 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. Connect with me: