As we move further into the year, many potential buyers are keeping a close eye on the housing market. With so much changing in recent months, understanding the latest trends could significantly impact your home search.
Let’s take a look at some recent data that might just shift your perspective.
As of today, the U.S. median sale price is up 5% compared to last year. Despite elevated mortgage rates, we’ve seen the national median home price hit an all-time high of $397,500. Hi, I’m Kelly Von with Keller Williams McKinney and the Von Team, and I’ve been helping buyers and sellers make sense of these market conditions. While the price surge has been driven by historically low inventory, signs are emerging that we may soon see price growth slow down.
In recent months, homes are sitting on the market longer than expected. This indicates a possible shift as sellers adjust their pricing to move their listings. For buyers who have been feeling priced out or frustrated with affordability, this could be the opportunity you’ve been waiting for. Lower competition and price adjustments can make for better negotiating terms, including reductions in price and other incentives.
So, what does this mean for you as a potential buyer? While challenges still exist, the market is becoming more favorable. If you’ve been holding off on your dream of homeownership, now might be the perfect time to reconsider. Waiting too long could see the pendulum swing back toward a more competitive market as more buyers recognize the shift.