What can you expect for the Spring market?
Two months into the new year and we’re starting to feel everything heat up again in the house market. Headed into the holidays interest rate hikes & increased house prices caused a sticker shock effect & curbed demand. With interest rates looking to decrease in early May & more houses entering the market we’re seeing a return of buyers. Here’s the breakdown.
Buyers
*based on Marion County statistics
- With interest rates still being higher the spring market will not be the “wild west” like we saw in the previous two springs.
- However, more buyers are re-entering the market who paused because of competition last year.
- Prices are still up from this time last year by about 10%.
- Interest rates are predicted to begin going down in May.
- 62% of homes were sold under asking price. Only 17% were sold over asking price in February.
Sellers
*based on Marion County statistics
- Depending on the home, condition, & location a house could sell in the weekend or on current average it could take up to 52 days.
- We’re still in a sellers a market, but headed towards a slightly more balanced market.
- More homes for sale increased in February (2,929) vs. January (2,886)
- Number of homes sold in February (710) vs. January (579) increased by 23%
- 45% of homes were sold in under 30 days.
*For more house market information on specific locations CLICK HERE.
Curious to know more about what interest rates are predicted to do this spring?
CLICK HERE
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