Market Report | 10/22
More than ever, we are seeing buyers have more room for negotiation with sellers. Interest Rates are hovering right around 7% which is impacting buyers' affordability and what they can purchase.
📈Even with rates on the rise, we are still seeing steady movement in the market. As a general rule, 5 to 6 months of inventory is considered to be a normal or balanced market. We are currently sitting right around 2.5 months which means contrary to popular belief - we are still in a seller's market! 💥
That's an increase of 9.3% year-over-year. Buyers who purchased in recent months faced larger monthly mortgage payments due to higher mortgage interest rates and home prices, which has had a cooling effect on the demand for housing.
Homes that closed last month spent an average of 23 days on the market before going under contract, compared to 10 days in October 2021.
Even with the uptick in inventory, the months supply of inventory in October was 2.5 months, meaning, if no additional homes were listed, the supply of homes would run out in less than three months. A "balanced" market is typically 6 months of supply.
Interested In Selling?
Contact our team of highly skilled professionals for a free market value report on your primary, investment, or land properties.