A Spring Market Update as We Enter March
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The lower price brackets are favoring sellers in our market, while the higher price brackets are favoring buyers.
As we make our way into spring, our market is heating up. How do things look in different price ranges, though?
Single-family homes under $300,000 are seeing the most activity right now. We’re seeing a lot of bidding wars and buyers paying above appraisal price in this range. Buyers as a whole are having a tough time finding decent homes in this segment, and with less than a month’s supply of inventory, I don’t see that outlook changing anytime soon.
Between $300,000 and $500,000, it’s still a seller’s market, but with a three-month supply of inventory, we’re seeing a shift toward a more balanced market.
Above $500,000, it’s more of a buyer’s market. Here, we have over a six-month supply of inventory, which means there are a lot more homes available, especially in the luxury market. Sales are also flatter in this range, so buyers moving here from high-priced areas can afford a lot more and enjoy a comfortable quality of life.
It’s also worth noting that interest rates have gone up almost a full point since the beginning of the year, which hurt affordability but not the market as a whole.
If you have any more questions about our current market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be glad to help you.