An important update on the statistics that have changed in our market.

Happy New Year, and welcome to 2023! As we enter the new year, we are here to compare our area’s market in December 2021 to how it was in December 2022, so you can see how much things have changed. Our housing market has certainly shifted, and it’s important to stay up-to-date. These are the stats you need to hear: 

• The number of sales jumped from 226 closings down to 97, which is a decrease of 132%. 

• The average home price went from $1,013,000 to $1,023,000, up only 1%. 

• The average square footage dropped from 1,577 ft. to 1,530, which is a decrease of 3%. 

• The average price per square foot only moved from $689 to $688, down 1%. 

• Interest rates skyrocketed from 3.353% to 6.518%, up 94%. 

The change in interest rates was certainly the most impactful shift in the marketplace. If you have any questions about this market update, don’t hesitate to call or email us. We would be happy to hear from you.