Let’s look at the details:
- The market is more level. There are fewer bidding wars, but well-priced houses in desirable areas are still getting multiple offers.
- Houses are staying on the market for about 30 days – still very low by historical standards, but more than over the last two years.
- Low inventory continues to be an issue, which is putting a floor under prices. In fact, the median price rose to about $554,400 in 2022 from $530,000 in 2021.
- A local expert put it this way about the spring market, “We were definitely slow in January and December, but it’s shaping up to look pretty good.”
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