Typically, we expect to see the housing market cool off along with the weather this time of year. That’s not the case this year though! We are seeing a strong seller’s market continue into the Fall months, outpacing the same time period last year. Despite the challenges that Covid has thrown our way, home sales (and prices) continue to climb.
Home sales increased almost 26% percent over this time last year.
Home prices increased almost 10% percent over this time last year.
Surprisingly, there were more homes listed for sale during the last 2 months than the same time period last year, but higher home sales negated any possible inventory gains. Our area continues to see a tight supply of homes for sale, continuing to push prices (and buyer competition) up in our market. On a positive note, rock bottom interest rates have continued to positively affect affordability. Even with rising home prices, buyers are able to afford more home than they would have previously.
Current interest rates as of 10/29/2020.
As always, if you are looking to buy or sell, get in touch! Having a dedicated agent as your advocate, who is knowledgeable about current market conditions, is your best asset when buying or selling a home.