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After an almost two-year journey of recovery and stabilization since the spring 2022 correction, the market has started to experience solid price appreciation. The median price in Q1 2024 vs. Q1 2023 shows that despite interest rates remaining stubborn, buyer demand is returning to the market. Improved consumer confidence and acclimation to lending costs have caused price growth, especially amongst tight inventory levels.
New listings are slowly increasing over 2023 as pent-up seller demand meets the market. Equity levels across our region are strong, providing favorable returns for home sellers. Many experts predict interest rates to gradually fall in 2024, estimating they will reach the mid to lower 6% range later this year. While the cost of lending still has some buyers sidelined, many are forging ahead now.
Life changes often determine a move. It is our goal to help empower strong decisions by assessing our client’s lifestyle and financial goals amidst real-time market trends and conditions. Whether you have considered selling, buying, or both, or you’re just curious about the market, please reach out.
