The numbers are out, and it’s time to share our January 2023 market report. I’ll go over some critical market stats to help you make your real estate move.
First is available listings. They have dropped to about 23% over the last four to six months and are now down to about 7,900 available listings in all price ranges and types of properties. Five months or so ago, we used to have around 10,700 available properties.
This means there has been a big decrease in the number of homes on the market. There may have been some buyer demand drop as well, but the overall amount of houses available for sale has gone down quite a bit.
Second are properties that have gone under contract or steadily decreased since March of 2022. In general, the amount of properties under contract is dropping as well, but it does seem like buyer demand is coming back a little bit. We can probably expect more houses to come to the market in February and March.
“When Looking at These Numbers, Keep in Mind That Real Estate is Local.”
Third is the overall average house price. Considering all types of properties, the average home price decreased from January 2022 to December 2022. In January, the average price was $466,000 and the average at the end of December was $456,000. For single-family homes, the average home price was $534,000 in January and $522,000 at the end of December 2022.
When looking at these numbers, keep in mind that real estate is local. We have many areas and cities, and they don’t necessarily appreciate and depreciate at the same time. Also, when you’re looking at your house, many things have to be considered. Homes with newer upgrades, such as pools, huge yards, and gated communities, typically go for quite a bit more.
If you ever want some specific information about what’s going on with your property or your neighborhood, give us a call or send an email. You can also check out one of our tools to help you keep track of your home’s appreciation.
