Aug. 19, 2022
June 2022 ended with an explosion of inventory. The 11 county metro area added 94% more residential properties to the market, versus June 2021. The average closing price in June was $719,210, and on average represents a 12.11% price appreciation year over year. The price of waiting has been costly for both buyers and sellers. Higher interest rates and pack mortgage payments for buyers. Sellers are realizing that their home may sit on the market longer, as bidding wars are beginning to subside. Interest rates currently sitting at 5.3%, as well as 8%+ inflation will continue to add pressure to economic growth. The US economy is likely headed towards a recession. As the market continues to shift, a pinpoint pricing strategy is key for sellers. The market favor could shift into the buyers court. Our expertise in local market knowledge is priceless as the real estate market normalizes.