Home Pricing Trends

Mortgage interest rates have been a hot topic of discussion as of late, but that’s not the only number potential home buyers are interested in. What’s another one? Why home listing prices, of course! Couple a listing price with today’s interest rates and you’re spelling out just what a home buyer can afford. Would-be buyers might be wondering what to expect in the near future. Here are some predictions! 

The current median home list price is $424,000 which is up year-over-year. However, the rate of growth is slowing which is a much more promising statistic. According to Realtor.com, For the week ending April 22, listing prices were just 2.4% higher than a year ago. That’s the slowest growth rate we’ve seen since May 2020.

List VS. Close

Of course, just because a home is listed at an inflated price doesn’t necessarily mean that it will sell for that price. Sellers are aware that the buyers on the market are serious but not desperate: they will offer what they can for homes which means sellers ought not to price gouge. This has caused the national median *sales* price to decline for the second straight month. 

While inventory still hasn’t fully caught back up to pre-pandemic levels (what experts consider to be the last time anything was normal for anyone…), homes are staying on the market just a bit longer than this time a year ago. In fact, homes are spending an average of 17 days longer on the market for the week ending April 22 than at this time last year.

No matter what, the wheels of time keep turning. As the Spring selling season ends we roll straight into Summer full of optimism!