As autumn settles in the Sandhills, the housing market is still going strong. Sales have slowed down a bit, though that’s to be expected for this time of year. Even so, the numbers overall are still impressive. Sellers still have time to take advantage of the hot housing market, and here are the statistics that demonstrate why the market is still in their favor:
- The average sales price is $401,562, and the median sales price comes in at $367,354. Both those numbers are up more than 20% compared to this time last year.
- The number of days on market is up slightly from last month at 83 days but, even so, houses are still selling almost 30% faster than they were September 2020.
- The sold-to-list price ratio is down a couple of points from summer, but it still comes in at over 100%.
The market may be favorable for sellers, but this should not discourage buyers. With school back in session, the pressure many buyers previously felt to find a house before school began is over, so now there’s less competition. Interest rates remain low at less than 3%*, inventory is near what it was last month, and homes are closing closer to the asking price than they were in the summer.
BUYERS, It is still recommended that you be pre-approved. A good mortgage lender can discuss your loan options and help you find the best way to finance your new home, in some cases with no money down.
SELLERS, the real estate market is expected to stay strong through the fall. If you are considering selling, now is a good time to take advantage of the market before it cools off and you miss out.
*According to Freddie Mac’s 10/7/21 Primary Mortgage Market Survey, a 30 Year Fixed Rate Mortgage is 2.99%, with 0.7 Fees/Points (http://www.freddiemac.com/pmms/).