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November 2022 Moore County Market Snapshot

To know where the housing market is trending, it’s important to look at statistic comparisons over time. Compared to last month, the months of inventory and days on market have increased, while the sold-to-list ratio and average sales prices have decreased. While most of the active listings have been for homes that are $500k or more, the majority of homes sold have been in the more affordable $200k – $499.9k price range.

With less than two month’s inventory, it is still a strong seller’s market; yet all these factors indicate that the market is slowing down a little. Sellers should keep in mind that buyers are expecting properties to be in good condition and priced appropriately. They are not settling for any property that becomes available and are taking more time to consider their choices. Homes should be priced according to market value but, with the market changing, we’re seeing that many homes have been overvalued and sellers are having to reduce their price, sometimes more than once. However, homes that are in good condition and priced appropriately are still going under contract quickly.

Compared to this time last year, however, the average sales price has risen from $400,234 to $449,036, an increase of 12.2%. The median year-over-year sales price has remained constant at 15.7%. Inventory and days on market have both increased as well, providing more time and inventory for buyers. These stats prove once again that real estate is a solid investment and, while current interest rates, the holiday season, and other economic factors may slow things down, you are still left with an investment that will most likely increase in value and positively add to your portfolio.

As always, we encourage buyers and sellers to hire a real estate agent that they know, like, and trust to look out for their interests and guide them through the process.

SELLERS, if you are considering selling, now is a good time to take advantage of this seller’s market.

BUYERS, you should always get 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.

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