The local real estate market has shifted in the past few months. Since spring of 2020, it has been the same tune of “no inventory, an abundance of buyers, and skyrocketing prices.” Now, due to what seems to be a combination of rising interest rates, economic uncertainty, and more inventory. The pendulum is starting to swing back in buyers’ favor. While it’s nowhere near an official buyers’ market, there are signs the market is cooling, sellers are no longer calling all the shots, and buyers have more room for negotiation than they have in the past. It’s not sustainable for prices to double every year so this leveling out of the market was inevitable.
Before: Home sellers had all the power
Now: Homebuyers have leverage
Before: Properties would practically sell overnight
Now: Properties are starting to sit on the market, giving
buyers more options—and time.
Inventory levels have risen by 30.7% over the past year, the
largest increase in inventory in the data’s history. And while the average time
on the market is still fast at 35 days, recent data shows that timeline
lengthening.
Before: Mortgage rates were at record lows
Now: Rates are on the rise, although still at
historic lows