We are still in a seller's market, predominantly in the northeast. However, we are seeing a slow shift towards a more balanced market. Homes are still selling as they continue to increase in value; it's just taking a little longer overall. The Northeast remains a strong market.
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This chart highlights Winchester over the last 5 years with detailed statistics. Our hyperlocal real estate market is always shifting. Our absorption rate is 45%, further marking a shift towards a balanced market with 2 months supply of inventory. We started with a trending increase in homes for sale over 4 years, and now this year, there is a drop. That is marking a shift in real estate as we settle into inflation, mortgage rates hovering higher, home buyers more discerning and specific, and the value of homes trending upward but at a slower pace than we've seen historically. On average, for sold listings, it's taking 24 days for a buyer to make an offer on a home, and on average, a home sits on the market for 40 days. This is an increase in days from this time last year.
What does this all mean? We are still in a relatively strong seller's market, and it's still competitive, but buyers have slightly more breathing room as the market moves towards balance. |
Reach out if you'd like to understand any of this with more dialogue and in person context. * Source: MLS PIN |
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