What you need to know about inventory and prices in our housing market.
We all know that the year started with a lot of hesitation from both buyers and sellers because of interest rates. However, the market is changing, and it is important to stay informed. Therefore, we are here today with a crucial market update for you, and to reassure you that buyers are in today’s market.
Over the last couple of weeks, only 326 properties were listed, but 502 went under contract. Therefore, houses are going under contract almost one-and-a-half times as quickly as they are being listed. This means we still have a seller’s market. As a result, if you take your house to the market and present it in a fantastic condition, you’ll get top dollar.
In addition, prices are down. One thing to note about that is most new construction is not in the MLS, and the MLS is where we pulled these statistics from, so some of the numbers might influence what our average prices are. Still, in June 2022, the average price was about $300,000. Now they’ve come down to an average of about $275,000. This includes Saint Louis, Saint Charles, Warren, and Lincoln counties. Those counties are growing at a rapid pace.
“We are still in a seller’s market.”
We currently have 1.5 months of supply. That means if every house on the market sold in about six weeks and nothing new came up, there’d be no inventory left. We’d all be forced into new construction, and who wants to wait eight or nine months to get into a house?
Overall, we are in a seller’s market because there are fewer houses on the market than buyers. If you’re a buyer and you’re hesitating because of interest rates, remember you date the rate and marry the house. This means that interest rates will change, just get into the house you love. You’ll be able to refinance later on.
If you have any questions about the state of our market or real estate in general, please feel free to reach out to us. We would be happy to serve as your resource for all of your real estate needs, so call or email us anytime.