The Midland South Carolina market update that everyone should know.
How has the Midland South Carolina market changed in the last few months? A lot has been happening in real estate lately with the Federal Reserve increasing rates and inventory numbers rising, so I thought I’d share an update today to help guide you with your buying and selling plans.
The first thing I noticed is that our market is starting to be more advantageous for buyers. We may not be in a buyer’s market yet, but we are shifting away from the hot seller’s market we’ve been experiencing for the last two years. This is the result of the Fed’s interest rate increases as they’ve tried to curb inflation.
Now we have fewer full-price offers and less competition. Also, the number of days that a home will stay on the market is up by 22% over last year. These things show that you’ll need to price your home accurately if you want to sell quickly and for top dollar.
“We’re shifting toward a buyer’s market.”
For us to be in a buyer’s market, we need about six months of inventory. We’re only at 1.6 or 1.8 months right now, but compared to this time last year, our inventory has increased. If we only look at percentages, it looks scary. However, the reality is that we still need more homes to list for sale.
For sellers, getting your home sold is no longer as easy as it was a few months ago. The market is now more competitive, and you’ll need a great agent to help you list, market, and negotiate offers. If you’re worried about losing value on your property, here’s the truth: homes are still appreciating. Our median home price is now at $265,000, which is up by 17% over last year. Still, there are a lot fewer buyers, especially with the lower-priced homes and in the luxury market. This is mostly due to uncertainties about the economy.
With all of this said, now more than ever, you’ll need a great agent to guide you through these changes. If you have any questions about our local market or anything real estate related, call or email me. I’d be happy to connect with you!