We’ve gone through 2+ years of some of the craziest times in real estate; homes selling sight unseen, multiple offers, low inventory, frustrated buyers, low interest rates, etc.
Well, there is a change afoot in the local real estate market. Let’s compare where we were in May of this year to where we were in August. These numbers come directly from Bright MLS Market statistics. In May, the median sold price for a home in Franklin county was $249,000. That number slipped to $241,000 in August. That number is still higher than the $215,596 where we finished 2021.
In May, homes were selling at 99.6% of their original list price. In August, that number dropped to 97.5%. Pending sales also fell from 283 in May to 231 in August while inventory went the opposite direction from 180 active listings in May to 249 in August. One bright spot was that days on market was at 22 in August; 23 in May.
The number of homes sold also went up from 159 in May to 180 in August, but both of those numbers are significantly lower than the same period last year.
The take away for sellers is to be realistic in pricing your home to sell. With interest rates hovering in the low 6’s, buyers “buying power” has taken a hit. For buyers, more inventory to choose from might help you find your new home.
At Help-U-Sell Keystone Realty, we’re here to help you save on the sale of your home no matter what the market conditions might be. And for buyers, we’ll work with you to help you find the home that fits your needs and budget.