Things to look for in this month’s Market Report include the number of sales of new construction versus existing construction compared to this month last year. The days on market indicate how quickly properties are going under contract after coming on the market. The number of new listings, which include new and existing properties, gives an indication of how busy the market is. Finally, the average sold prices show the appreciation of property values, in both Auburn and Opelika, over the previous year. Questions about the Market Report? Give one of our agents a call for further insight.
Highlights & Forcast
Why you shouldn’t wait to sell your house…
- Even though supply of homes for sale has grown in 2023, inventory is still low overall
- While demand has eased in 2024, millennials (the largest generation and a significant driving force for buyer demand) are still looking for homes.
- Homeowners have gained significant equity in your current home & that can be a game changer when it is time to make a move.
Why you shouldn’t wait to buy your house…
- Mortgage rates are expected to ease, offering hope to buyers with affordability challenges.
- Supply of homes for sale may grow as rates ease. In recent months, we are seeing a trend of more homeowners putting their houses on the market for sale. While price growth is expected to grow over 5 years, it should be at a more normal pace.
Forecast
While 2022 may be remembered as a year of housing volatility, 2023 became a year of long-lost normalcy returning to the market. In 2024, mortgage rates are predicted to decline while home sales and prices will moderate after recent highs. That means we will still see home prices appreciating, just at a slower pace than the last few years – and that’s a good thing.
