Here’s what you need to know about our shifting housing market.
What’s happening in our real estate market? Interest rates are rising, but what does it mean for you? Housing numbers are always a little delayed, but based on the currently available data, it looks like our market is in the middle of a big shift.
First, don’t freak out—housing prices aren’t about to crash. The median sales price in May increased to $315,000, which is a 4.1% increase from April. In a typical market, homes appreciate around 4% per year, so our market is still very strong.
Another trend we’re seeing is that more homes are entering the market. Sellers are worried there won’t be as many qualified buyers due to rising interest rates, so many are trying to list their homes before they increase further. We had 1,232 homes on the market in May, and 1,138 closed. More homes entered the market than closed, so our inventory will likely increase. Meanwhile, the average number of days on market is steady at around 14. There were 1,162 pending sales as well.
Now may be the last best time to make a move. It could be worth it to buy at a higher interest rate since you can always refinance if rates fall again. In the meantime, you’ll be locked in with our current rate, so you won’t have to worry about them increasing further.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!