The latest statistics you need to know about our local housing market.
What’s happening in our housing market? Today, I’m here to share the latest statistics from our market.
First, prices are increasing, which is great if you’re a homeowner but not so favorable if you’re a buyer. The median home sales price at the end of April was a little over $265,000. This figure has decreased from its peak in June 2020 when it reached $280,000. However, compared to January of this year, when it stood at $250,000, we have seen an increase of almost 5%. This is certainly positive news.
Also, the time a property spends on the market has significantly increased. Currently, it stands at 40 days, whereas it was 23 days at this time last year. It’s worth noting that last year, nearly all properties that were listed on the market would receive multiple offers and go under contract within a day or two, so it’s not surprising that the average time on market has gone up.
“It’s still a great time to buy or sell in our local market.”
Interest rates appear to be easing, and there has been a slight decline in inflation numbers. This gives me hope that interest rates will continue to decrease, enabling more homeowners to obtain more affordable mortgages. Consequently, this would lead to an increase in the number of homes being put up for sale and expand inventory. I remain hopeful that interest rates will continue to decline, resulting in a slight rise in inventory.
In any case, this is encouraging news. Contrary to what may be reported in the national news, I have not observed a decline in home prices. It’s essential to remember that real estate is a local phenomenon. South Carolina is one of the top three states where people from other states choose to move to in the U.S., so our market differs significantly from states like Nevada, California, or even Florida.
If you have questions about this topic or anything else, don’t hesitate to call or email me. I am always willing to help!
