The numbers tell a pretty clear story here. The market is cooling off just a touch – exactly what we want to see. No crashes, no burst bubbles. The lack of inventory continues to translate into high demand, which is a good place to be for sellers. And prices, along with competition, have notched down enough for some reluctant buyers to stick their toe back in the water. It’s worth noting that while the median price is up in January 2023 over 2022, that number maxed out at $363,000 in May of 2022, so prices are dropping slightly. Interest rates continue to wiggle around but we’re expecting them to settle into a reasonable range (no, not 3%!) later this year. Bottom line, especially if you’re renting, is that you’ll be far better off in the long run as a homeowner. Give me a call and we can crunch some numbers!
Market Snapshot: December 2022