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The latest news and trends for our local real estate market.

May 2022 marked an interesting time for the real estate market. A total of 205 homes were sold in the selected areas, with an average price of $1,139,000. The average square footage of these homes was 1,665 feet, and the price per square foot averaged around $762.

Moving on to May 2023, we noticed a slight decline in the market. The number of homes sold decreased to 159, with an average sales price of $1,135,000. The average square footage also decreased to $1,006.31, and the average price per square foot dipped to $726. Additionally, the mortgage rate increased to 6.719% by the end of the month.

Comparing May 2022 to May 2023, we saw a 28% decrease in the number of home sales, accompanied by a 1% decline in the average sales price. The average square footage of homes decreased by 2%, and the average price per square foot dropped by 4%. However, there was a 1.375% increase in mortgage rates during this period.

“Now is a great time to explore the market.”

Apart from these market changes, May 2023 brought positive news for first-time homebuyers. Several local down payment assistance programs received increased funding, specifically targeting individuals who have not owned a home in the last four years. This boost aimed to support first-time buyers in entering the market. Additionally, Fannie Mae and Freddie Mac introduced slight reductions in costs for first-time homebuyers. These initiatives, combined with interest rates reaching a plateau, resulted in an increase in home loan applications.

Considering these market updates and the availability of down payment assistance programs and reduced costs for first-time buyers, now is a great time to explore the market and consider purchasing a home. The Brad Korb Real Estate Group is ready to address any questions you may have about buying your first home or investing in properties. If you're curious to learn more, feel free to reach out to us by phone call or email. We look forward to hearing from you!