An Update on Our Market

Here’s the latest news on what’s happening in our hot real estate market.

Today we’re updating you on this rapidly changing market and where things stand according to our new statistics.

We’re experiencing very strong growth across the board and a surge from buyers that didn't buy last year due to the pandemic. That pent-up demand is contributing to the overall pricing. Home prices in July rose another 18.6% year-over-year, which is a 13-month streak. The median sale price for existing homes in July was $359,900. For every home that was pending in July, there was an average of three and a half other competing offers, and 89% of them sold that same month.

Pent-up demand is contributing to the overall pricing.

How long will this rapid price appreciation continue? We're keeping an eye on affordability decreases and inventory constraints. Those are expected to put a damper on price growth. Most economists agree that this buyer frenzy we've been experiencing will eventually start to taper off. As the pricing trends continue to rise, it puts a strain on affordability, but they're still anticipating that we'll have double-digit appreciation throughout the end of this year.

We're also paying close attention to the new construction market. There, we're seeing that same growth year-over-year. However, affordability, supply chain issues, and the cost of lumber have put a damper on our productivity and deliverable inventory. Buyers for new construction are now turning their focus toward resale properties. We're seeing that same year-over-year price trend.

We'll keep you posted on how this continues to develop. If you're interested in buying, we are the local experts, so give us a call or send us an email. We’d love to hear from you and help you in any way that we can.