The March residential housing market in Moore County follows the trend of the traditional spring market and, with inventory remaining low, demand is driving the numbers upward. Compared to February, the sold price to list price ratio went up 0.5%, from 101.8% to 102.3%; and the market concentration of houses sold between the $200k – 499.9k price range went up almost 6.5%. The average days on market were reduced from 27.4 to 19, and the months of inventory went slightly down from 0.6% to 0.56%. Interestingly, the average sale price, while still almost $76,000 higher than in March 2021, went down $3,650 from February’s average sale price of $439,004.
While rising interest rates have slowed the market slightly across the nation, it doesn’t appear to be slowing it down much in Moore County. Interest rates are expected to continue to rise, however, and experts believe this will help slow and provide a more balanced market. Asking prices are expected to hold, which is good news for sellers and potential sellers who want to take advantage of surging prices; but with home sale prices increasingly rising over the last two years, buyers will welcome the financial reprieve when prices begin to level off. Though rising mortgage rates may make the month-to-month payment larger, the higher rates will also thin out the less serious buyer competition and, potentially, reduce the bidding wars that have frustrated so many to date.
The market is starting to change but, for both buyers and sellers, we still hold to this advice to give you the greatest edge:
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, if you are considering selling, now is a good time to take advantage of the market before rising rates slow things down.