What’s Happening in Our Housing Market?
Here’s what you need to know about our market’s increasing inventory.
What’s going on in our market? Today I’ll look at supply, how it affects demand, and what it all means for you.
What was inventory like at the beginning of the year? In January 2022, new listings were up year over year, and the same is true for February and March. In April, supply backed off slightly, but it is still up 1.5% from last year.
This is great news for buyers. Housing prices are a function of supply and demand, and with more homes on the market, prices may level out. It’s unlikely that they will fall since our inventory is still historically low, but buyers should be pleased that we’re trending in a positive direction.
For sellers, I recommend you sell quickly so you can take advantage of this market. If supply continues to increase, you may not be able to get as fantastic of a deal for your house.
If you have any questions, don’t hesitate to call or email me. I look forward to hearing from you!