What a difference a year makes. We have gone from skyrocketing sale prices to omgosh… are the home sale prices crashing?
So we know that not all markets are the same.
Let’s take an overall view of the home sales and listings from June 2021 to June 2022.
The blue graph lines are the median list prices for each month.
The yellow graph lines are the median sale prices for each month.
It does not look like the home sale prices are crashing in our market.
As you can see the List prices for this current month have leveled off in Montgomery County, dipped slightly in Bucks County, Chester County and Philadelphia and have slightly increased in Delaware County.
However, the Sale prices are holding on strong and still selling for above list price in all markets.
Some smaller neighborhoods are still on fire depending on the school district, age of home, size/design of home, etc.
Contact us if you are wondering what the list prices and sale prices look like in your specific market.
What’s also interesting is that the median sale prices are higher than a year ago despite the difference in interest rates
The home sale market is shifting
We are not seeing as many multiple offers.
Today, we actually estimated a home to be valued at higher than the sale price.
It’s nice to see buyers being more cautious, less over-bidding and the market leveling off a bit.
And it’s still a good time to sell your home as you can see from the data above.
We provide free resources for the home buyer and home seller that will enable you see a house from the home appraiser’s perspective.
All the good vibes headed your way!
“Be thankful for everything that happens in your life. It’s all an experience.”
Roy Bennett
