A brief update on what has been happening in the real estate market.
Based on the numbers we’ve been tracking over the last six months, we’re seeing the market begin to slow down. Sales have started to slow down, but this is still a very active seller’s market. That is a nice change from everything being so fast-paced. Interest rates are still at an all-time low, which also makes this a great time to buy.
We saw approximately 1% per month appreciation. That’s the highest appreciation we’ve seen in 25 years. Nationwide, normal appreciation is approximately 4.5%, but we saw 12% to 14% appreciation in the last 12 months.
A lot of the headlines you’ll see will compare the market to last year, which isn’t a fair comparison because that was the middle of COVID and many people took their homes off the market. The market should really be compared to 2019. When you compare to 2019, you can more clearly see where the market is at.
If you have any questions, please reach out to me by phone or email. I’d love to hear from you and answer any questions you may have.