I feel like we all have been asking that question for a while now. With inflation causing...well, everything to go up, what is this doing to the housing market?
The housing market is a strange mechanism. While it responds to inflation, it tends to do so a little more slowly than the price of gasoline or groceries. Still, it is ever-changing. As we have seen in recent years, the median home price has risen, with the average amount sitting somewhere around 20%.
But the market does something called "correction". That is, the market sort of balances itself out from time to time. Right now, we are seeing higher home prices, but there are also slightly more homes on the market than this time last year. That means there are more options and a little bit less competition.
What does this mean for those of you wanting to buy a home? Well, it means you are more likely to get an offer accepted! That is great news, especially considering how difficult it was just a year ago. It also means prices may start to drop, but no one can predict how much or how quickly that will happen.
Either way, your best bet is to get with a licensed Realtor and discuss your options with them! If we can help you in the buying or selling of a home, let us know!