The market continues to stall due to affordability. With the rise in interest rates from mid-2s to high 7s in just 36 months, we have not seen a commensurate drop in prices. Although new listings have also dropped, we are sitting on the highest inventory since COVID began due to the drop in pending sales. This means there are Sellers out there who are ready to sell, and Buyers are seeing some opportunities if they are willing to hunt.
Homes in good condition and priced appropriately are still moving, and if they have the "special something," we are even seeing multiple offers. It's an odd market; we are here to help you interpret it!
View the most recent market action report here>>