July of 2022 ended with additional inventory being added to the market. Although seller's still have an advantage, the metro area real estate market has downshifted from overheated. A path towards a more normalized market Is clear. Our bidding war ratio over the last few years has seen homes selling for 110+% of list price in certain neighborhoods. This ratio Is now back to the 100.81% range, and dropping. Builders, like D.R. Horton, and disrupters such as Opendoor, have made price reductions as high as $100,000.

The average closed price in July was $690,935, this Is down 3.3% from the previous month, but still an appreciation rate of 11% over the last 12 months. Some sellers are getting creative with offers of rate buydowns, and prepaid HOA dues, to entice buyers.

According to FreddieMac, Interest rates on a 30 year fixed mortgage are at 4.99%

Utilize our expertise and local market knowledge to navigate this "Shift".