Here’s a look at what’s been going on in our market this fall.
In today’s market update, we’ll take a look at what has transpired in the market by comparing the stats from September 2019 to September 2020—the market stats for October of this year aren’t in yet, but this should give you an idea of where we are.
- Average price: $310,000, a 16% increase over 2019
- Median price: $261,000, an 11% increase over 2019
- Average price per square foot: $140, an 11% increase over 2019
- Active listings: 7,100
- New listings: 3,725
- Pending listings: +3,000
- Total sales: 3,623
- Average days on market: 53 days
This year, homes over $500,000 now comprise over 9% of our market. That’s huge considering they used to be 3%, which we thought was record-breaking at the time. At 68.42%, the biggest chunk of our market comes from the $200,000 to $500,000 price range. The affordable sector (under $200,000) is now down to 21%, where it used to be the largest chunk of our market.
Ours is still very much a seller’s market. We have only 2.3 months of supply available, meaning if no new homes came on the market, we’d sell out of what we currently have in just 2.3 months. For comparison, a balanced market has around six months of supply.
Here are some stats from our MLS, which are structured with a year-over-year comparison rather than a month-to-month comparison:
- For single-family homes, the average price went from $268,907 in 2019 to $287,992, which is a 7% increase.
- For condos and townhomes, the average price went from $191,090 in 2019 to $178,687, which is a 6% decrease.
- For residential rentals, which are still a very strong investment, the average rents went from $1,494 in 2019 to $1,521, a 2% rise.
- The price of lots rose from $86,487 in 2019 to $95,648 in 2020, an 11% jump.
All in all, now is a great time to put your home on the market, though with our low inventory, it may be a little harder for buyers to find homes to purchase.
If you have any questions about our market or what’s the best move for you to make, don’t hesitate to reach out to us. We’d love to help you.