Headed Forward

As we head into the new year our local market looks to be promising. The peak of the market was May 2022. Yes, list and sold prices have decreased quite a bit from that time. However, the price increases from 2021-2022 were largely driven by the pandemic pandemonium which unleashed pent-up demand. Those values were not sustainable. The current values below appear to reflect somewhat of a more normal market.

As you can see from the chart below, sold prices declined month after month for the remainder of 2022. In 2023 we saw several month over month sold price increases in both average and median sold prices. See March-June and again December.

Selling season will soon be upon us and if rates do drop a bit further we should see an uptick in pending and sold activity.