Is The Housing Market Finally Starting To Calm Down?
You’ve heard the news… mortgage interest rates have risen over the last month, in part to the Federal Reserve trying to control rising inflation.
…but… has that had an impact on our local housing market?
The short answer is maybe, but not as much as you might think.
Let’s start with an overview of the market year to date in 2022…
There have been 4,008 homes sold in Onslow County in 2022, with another 1,105 houses currently pending.
Median list price is up 33% year over year, the median list price in Onslow County is $276,000.
Following suit, the rental market is also up 35%, the median rent price is $1,300/month versus $975/month this time last year.
The interest rate adjustments over the past 60 days have had an impact on the real estate market – mostly with affordability.
Homes are still selling very fast and above asking price. The average days on market is 14 days, with the median days on market being 4 days. If you are in the market for a home, speed is still important. The good homes, priced well, are going quickly.
The list to sale price ratio in July is down to 101.2%. Competition with good listings is still there. You may find yourself in a multiple offer situation even in this shifting market. However, we are not seeing the crazy offers we were seeing a year ago.
We are still, by definition, in a seller’s market. A seller’s market means we have less than 6 months of housing inventory available to sell. Our inventory levels are up to 1 month and 1 week of inventory.
There are more homes on the market today than there has been in the past year. If you are buying you have more to choose from without having to offer tens of thousands of dollars over asking price to get a look at your offer.
While interest rates have impacted the craze of the last few years, buyers are still buying and sellers are still selling in today’s real estate market.
As always, if you are looking to move in, move out, move up, or move one, let us know. Anchor Real Estate is here to help!