Market Updates

Everyone has been asking about “that settlement,” so we think covering it in this week’s market update is essential. They’re asking about the proposed settlement between the National Association of Realtors (NAR) and home sellers. Once the court approves the settlement – likely in June or July – the way homes are bought and sold throughout the country will change. Let’s dive into that in this week’s Market Update.

Detached homes are selling faster than they have been, but attached homes are taking longer to sell due to the increase in condo inventory. Rising inventory gives buyers more to choose from and puts pressure on sellers to price right.  Our local market in February: Residential – Detached and Attached Homes Average Closed Price: $676,575+3.27% month-over-month+3.04%

From January 2023 to January 2024, the median price of a home sold in our area went from $539,950 to $569,900, a 5.5% increase. What’s in store for 2024? Some experts have recently revised their predictions. Attempting to predict the future is like solving a puzzle with missing pieces and constantly changing shapes. It’s not impossible,

While the number of active listings climbed to 4,875 at the end of last month, inventory was still less than 40% of our January average of 12,215. The low number of homes for sale means the market favors sellers. It’s vital to price your home competitively if you want to sell it quickly; the average

This morning, I looked at the last 482 homes sold in our area – about seven days’ worth of closings – to get a sense of pricing trends. When they went on the market, the median asking price was $565,000, and the median closed price was $540,000. As we saw in last week’s update, sellers

Happy New Year! During the last month of 2023, closings were down almost 10% year-over-year and it took 45 days on average before sellers accepted an offer. Our local market in December: Residential – Detached and Attached Homes Average Closed Price: $657,229 -.51% month-over-month +3.32% year-over-year Median Closed Price: $551,993 -2.8% month-over-month -0.54% year-over-year Active Listings at

Mortgage rates hit a nearly 3-month low. That’s good news for buyers and sellers, but what’s in store for 2024?

Yesterday, the national average interest rate for a 30-year fixed mortgage hit 8% for the first time since 2000. Find out how this is having an effect on our market.