Board of Realtors 3rd Quarter Report
In the third quarter of 2023, the local real estate market continued to reflect trends that have been with us all year: relatively few homes for sale, higher mortgage interest rates, and a gradual cooling from the very hot market we experienced during the height of the pandemic.
Median prices and numbers of sales often flatten or decline in late summer into January compared to spring and early summer months. The market seems to have moved into this pattern. At the same time, continued interest rate increases and other factors are putting pressure on prices, offset to a large degree by a low supply of available homes for sale (inventory).
It’s hard to be certain where this dynamic is heading. Some economists feel that low inventory will continue to define the market and home values could keep appreciating, but less rapidly than in the last two years. For now, median prices in our area are slightly down compared to one year ago.
