CURRENT HOUSING MARKET HAS SOME SILVER LININGS FOR HOMEBUYERS, SELLERS
The latest RE/MAX National Housing Report provides an update on market trends – and helps consumers navigate their real estate needs.
Curious what’s going on with the current real estate trends across the U.S.? Learn key insights from the latest RE/MAX National Housing Report, which surveyed 53 metro areas in October 2023.
Info for Homebuyers
For seven months in a row, the number of homes for sale in the U.S. has been inching up. According to the report, inventory grew 4.6% from September to October in 2023. Buyers planning to enter the market soon have more options than they did in late 2022.
“October had some encouraging signs – especially compared to a year ago,” said Nick Bailey, President and CEO of RE/MAX, LLC. “Given the interest rate environment, it was good to see the trend of monthly inventory gains continuing, and prices appear to be stabilizing for the moment.”
He continues, “It remains a challenging market, but demand for homes is still high – and buyers are gaining a little more leverage as time goes on.”
Adapting buyers are finding ways to make homeownership possible in the new rate environment, as they fulfill real estate dreams or simply accommodate life changes like relocating for a job or upsizing to fit more family members under one roof.
Info for Home Sellers
Overall home sales in October were down 4.6% month-over-month and 8.7% year-over-year. While the late fall historically sees market slowdown, local markets varied in October as they always do. Activity was down in the majority of the report’s surveyed metro areas – for example, Dover, Delaware, saw a -26.9% decrease compared to October 2022.
But a few outlier markets – namely, Salt Lake City, Utah – saw a significant spike in home sales compared to the same time last year. One factor that could be contributing to this growth is the continual development of newly built homes.
“There is a continual flow of new construction popping up right now, filling the land around Salt Lake City with neighborhoods, homes, walking trails, and beautiful communities,” says Esther Clarke, an agent with RE/MAX Associates in Salt Lake City, who shares her take on the reasoning behind the bustling market activity of the mountainous metropolis.
What may appeal to today’s home sellers? Prices are still up.
October’s median sales price of $410,000 was steady with September and remained 2.8% higher than October 2022. And homes sold for an average of 99% of their listing price, as they did in September – and last October.
On average, listings are spending only one day longer on the market than they were a year ago. So despite current factors like an expected seasonal slowdown and a high interest rates, buyers are still buying homes.
There are things home sellers can do to appeal to prospective buyers as winter approaches. One important task is optimizing lighting to help a home feel airy and bright, even in the darker months of the year (in the Northern Hemisphere, that is).
“When most people think of decorating their home, they tend to focus on furniture and finishes. In reality though, lighting is an integral component of design and can absolutely make a difference when it’s time to sell,” explains Jeannie Do, a member of the International Group with RE/MAX Professionals in Lakewood, Colorado, who recently shared the latest home lighting tips and tricks with RE/MAX News.
Heading toward the holiday season, the market is slower than in recent years, but continues to see a relatively normal amount of activity. Thankfully for anyone about to buy or sell, a trusted real estate professional can help get the job done.
Ready to sell a home – or buy a new one? Connect with a local RE/MAX agent today.
Article originally appeared on RE/MAX.com.