"There are a few factors we can point to that show why the market is so crazy."

The average price per square foot has gone up significantly in the last year, increasing from $254 per square foot to $307. Homes have appreciated anywhere from 20% to 35% in a year alone, though this fluctuates based on price range and neighborhood. We’re also seeing bidding wars push prices up to $200,000 over list price in some areas, but on average, homes are selling at 104% of their list price. 

Right now, we have just over a half-month worth of inventory. More homes are coming onto the market, but supply is still incredibly low. This is primarily due to the pandemic, which caused sellers to take their homes off the market for safety concerns. Additionally, record-low interest rates created a ton of buyer demand. Most forecasters predict we have three to four more years of appreciation on the horizon. They won’t be at the same levels we’re seeing now, but they’ll continue rising at a healthy rate. 

If you’re a buyer, now’s a great time to take advantage of low interest rates. You’ll need to be patient during your search, but there are homes out there. If you’re a seller, there’s never been a better time to jump into the market. You can definitely take advantage of fantastic appreciation if you decide to list now. 

If you have any questions, are looking to buy or sell, or would like more information about our market, feel free to reach out to me. I look forward to hearing from you soon.