Home price declines have been on everyone’s mind. The market started to slow towards the end of May last year. By July I was dropping the prices on my listings and so were many other agents. Homes that used to be sold in a matter of days were seeing 3-6 weeks as an average length of time on the market. Pricing too high lead to months sitting on the market with very few showings.
Data now shows that the worst may be behind us. July 2022 through January 2023 were where our prices dipped. But since late January, the prices have been steadily climbing again. And it’s due in part to low inventory.
Home price declines seem to have hit their low point nationally, and now they’re starting to rise.
Home prices vary by local area, so its important to look at your local data.
If you put your plans to move on hold waiting to see what would happen with home prices, reach out to a local real estate expert to discuss if now’s the right time to jump back in.