We Will Likely Have More Clarity On The Pulse Of The Local Housing Market By April


We Will Likely Have More Clarity On The Pulse Of The Local Housing Market By April
By Scott Rogers • January 30, 2023
Home sales have been slower in November, December and January. This is somewhat normal from a historical perspective - winter months are normally slower. They haven't been slower during the COVID housing boom, but this winter is certainly slower than the past two winters. Mortgage interest rates have been shifting down a bit in recent weeks but they are still quite a bit higher than they have been over most of the past five years. These higher interest rates (combined with higher home prices) are pricing some would be home buyers out of the market. So, where is our local housing market headed in 2023? Some would say that the number of home sales will decline, prices will level out or decline somewhat, homes will not sell as quickly, and inventory levels will climb. Some say that there will only be a slight decline in the number of home sales, that prices will keep climbing, that homes will still sell very quickly and that inventory levels will not meaningfully climb. Which reality will we see play out in 2023? Both are likely possible... but we are likely to have any indications in one direction or the other until April as we head into the spring real estate market. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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