Market Update
July 1st – December 31st
2023 was a very interesting year! We faced limited listing inventory and rising interest rates but despite these factors the local Real Estate market continues to be strong.
Interest rates continue to be the reoccurring headline when discussing the Real Estate market locally, and across the country. These rising rates drastically effect the affordability of homes which often results in people deciding to wait to make a move until the interest rates decreases. The consequence to this delay in market activity is that there are less homes for sale or a lack of inventory – especially in certain price points.
Despite the lack of inventory and rising interest rates, the local Real Estate market continues to be strong. We expect 2024 to continue to be a fairly balanced market across the majority of price points. However, if the interest rates continue to drop we will likely see an influx in market activity.
Stats are provided by the MLS (Multiple Listing Service).
If you have any questions on how this information pertains to your situation, please contact your Realtor for more details!
