- Inventory is lower than we’ve ever seen with only 1.7 month’s supply on the market. This means that if we stopped adding any new listings to the market, the current homes for sale would all be sold within just 1.7 months!!
- Prices have increased just over 7% in just the last year. We typically see around 3-5% appreciation rates in our area, but prices are up given the low inventory.
- Home sellers are receiving around 98% of their list price. This means homes are selling very close to asking price.
- The median days on market is only 14 days. Depending on where your home is, it may be even less. The low inventory has peaked demand for homes so that as soon as they come on the market, they are getting a ton of attention and usually an offer within the first week.
- Interest rates remain at historic lows! The average home buyer can afford more because the rates are so low. Most of the time, it is less for someone to purchase a home than it is to pay rent, which is a huge boost to the real estate market.
If you’re thinking of selling and want to know what your home is worth, contact us today!
-by Samara Presley, licensed Realtor at Smart Choice Realty