Median prices took a dive to $325,000 in January of this year and already jumped back up to $350,000. We’re really not seeing prices come down in response to the interest rate instability. The consensus still seems to be that the rates will settle down over the next two quarters or so and hopefully in the fives or sixes. However, the inventory shortage is still causing stress for the poor buyers out there, and we don’t see an end to that anytime soon!
Market Snapshot: January 2023