What happens when the home inventory is at a record low?
Last time we checked in about the housing market, things were looking great as we started into a new year. Well luckily, that trend has continued! While the increase of home values has slowed, they’re still markedly higher than last year’s numbers. So what’s the breakdown?
- Inventory is at a 13-year record low, decreasing by as much as 30% year over year.
- The median home price has gone up to $285,000. up almost 12% from last year.
- Days on the market has decreased from a 59-day average down to 40.
In short, time matters in today’s market. There are fewer homes going up for sale, so you’ll want to be as prepared as possible when you’re ready to buy. Home values are going up and spending fewer days on the market, so having a professional on your team to help you navigate offers will be important for any seller.
Additionally, we want to encourage developers and builders to build more homes for the increasing demand. We are happy to assist you with finding ideal lots and land for your product and we have a solid pulse on what clients are looking for in today’s market to help you move quickly and benefit from the high demand. We need more folks to build homes in our community because right now we are not building at the rate to meet the increasing demands. This will cause prices to continue to trend upward, but to a point where it may prevent homebuyers from being able to locate in our community. We want to make sure we are positioned to ensure all those who wish to live here, can and there is a home that fits their buying-power as well as their needs.
Give us a call when you are ready to begin your real estate journey. We can help you navigate this fast-moving market and we would be more than willing to answer any of your questions as you consider your next move – 307 – 635-0303.