All the information you need to know about our local housing market.
What’s happening in our housing market? Let’s take a look at the latest numbers and see how our market fared in September 2022.
We had about 1,400 new listings hit the market in September, which is significantly down from August. Meanwhile, sales are down 5.3% month over month and 26% year over year. However, the average sales price has gone up from last year, although it is down from August.
“Higher interest rates are slowing down our market.”
This is great news for buyers, and it isn’t all doom and gloom for sellers. The median sales price was still $460,000 in September, which is way up since the beginning of the year. That being said, the average days on market has jumped up to 25. We’re still in a strong seller’s market, but it’s a little friendlier for buyers.
In September, sellers received an average of 99% of their asking prices, which is very strong. We have around two months of supply, which is still relatively low. It seems like the main reason things are slowing down is our rising interest rates. Higher rates make buying less affordable, so many buyers have stepped out of the market.
However, this shouldn’t discourage you from buying a home if it makes sense for you. Call or email us if you have any questions. We’d love to hear from you.
