How is the housing market where you live?

[bjl584]

I'm starting to see houses on the market for weeks, even over a month, in my area.
Houses used to go pending in a week or less fairly commonly.
Obviously, this is a microcosm, but it definitely appears that higher interest rates and inflation are slowing the market down

[kork13]

I don't follow my local market closely enough to answer your question properly. But what I can tell you is that since I bought my current house in Jul'20 for $300k, Zillow says that its approximate value has gone up roughly 35-45%... in 18 months. I trust that figure, because it matches roughly against recent sales in my neighborhood that I'm aware of ($415k, $430k, $435k). That's .... quite simply BONKERS. However, since Jan'22 (again, Zillow data -- FWIW), its value has stabilized around $425k, and has been relatively steady since then.

100% anecdotal, and the small town I live in has been booming since well before the pandemic (started around 2018, when Californians suddenly started fleeing for lower-COLA regions). So my little microcosm likely isn't representative. However, I think it *IS* reasonable to assess that market confidence, already-high valuations, and escalating interest rates are at least putting a damper (if not a ceiling) on home values, due to reduced demand.

One of the ladies in our church is a top realtor in the area (and helped us to buy our home)... We should probably get her opinions/observations at some point... Especially knowing that we're likely going to be selling our home next summer when I come up for re-assignment.

[disneysteve]

I have no knowledge with which to answer, but we have a good friend who is a local realtor. We're having dinner with him on Wednesday so I'll be sure to ask him what he's seeing and report back.

[ua_guy]

A friend of ours in South Carolina listed his house about two weeks ago. It sold for full price in 3 days. It was a new/nice family-style house, only a couple years old.

Here in Seattle, higher priced homes are starting to sit for a little bit. Still <30 days on market and still selling for right around asking (good homes sell for more, homes less desirable, slightly under). We watched one go up for $1.7M up the road. They dropped it to $1.6M I believe - the inside was a time capsule from the early 1990's. And it just sold. I'm waiting for the final price to record so I can see how they did. Only a few weeks on market.

For Seattle proper I believe the average days on market is 6. Median list was $829k and median sales price was $875k. In some areas of the county, the medians are even higher. Compared to last year, the market is up another 11-12%.

[disneysteve]

It sold for full price in 3 days.

still selling for right around asking

One question with this is if "full price" and "asking" is still as high as it was a few months ago or if those prices have moderated any.

[scfr]

In our area, median days on market is still low (5), and median home prices are up, but we are seeing some start to sit a bit longer, and a few have even taken price cuts. The type of houses I'm seeing taking price drops are of average quality that start out priced per square foot the same price as higher quality homes. Or comparable houses with a less desirable location (backing to a busy street) trying to sell for the same price as a house more desirably situated (backing to a protected green space). In other words, houses that were probably overpriced to begin with.

[ua_guy]

One question with this is if "full price" and "asking" is still as high as it was a few months ago or if those prices have moderated any.

No, prices are still rising on the whole! But the rate of price growth is starting to level off. For June, a couple different articles mention that inventories are increasing, and in some cases, doubling. But we're talking from like a 10-day supply to maybe 20 days...things are still very tight. Where interest rates have risen and should now be applying brake pressure on the market, more inventory seems to be encouraging buyers who were strangled out previously.

[CaslRock]

The housing market in my area is not much better. Mortgages seem to be the best option, because it is almost impossible to pay off the property right away. I have a small business, and I plan to expand it in the future. It gives me enough income to live normally with my family, but I want something more. I have some savings, not enough to buy real estate, but enough to expand my store chain. It would be ideal to raise the money to buy a house right now with Durable Power of Attorney, of course. I'm afraid that if I start paying the mortgage now, I might get the house sooner; the business idea seems unstable. I need more opinions. Thanks in advance!

[LivingAlmostLarge]

I haven't seen any decrease in pricing yet. But I'm sure it'll be coming but I wonder if it'll not be next year 2023

[Stormila]

Yes, now there has been a noticeable decrease in the growth of real estate prices. Some articles say that the market is now at its plateau. Despite the decrease in price growth, realtors predict that housing affordability will remain at the same level or decrease altogether. Some reasons why the housing market may worsen shortly include rising interest rates, tighter monetary policy by central banks, the spread of new strains of coronavirus, and slowing economic growth.

[kork13]

I'm looking ahead to next summer, when I'm expecting to be moving again to my next assignment... And with a bit of luck, I'll probably be coming down here to central NC. Since I'm already in the area on temporary assignment, I'm going ahead to start watching the real estate market.

What I'm seeing is that many homes, especially 4-5bed/2-3bath homes priced around $400-$500k (what I'm looking at) are dropping in prices pretty steadily. As in, sellers are cutting their asking price by 4-5% in a single shot.

Back home in ID, average prices are also starting to dip slightly, though less quickly (2-3% over the last couple months).

Still to be seen what the market looks like next summer... So who knows.

[Jluke]

I'm looking ahead to next summer, when I'm expecting to be moving again to my next assignment... And with a bit of luck, I'll probably be coming down here to central NC. Since I'm already in the area on temporary assignment, I'm going ahead to start watching the real estate market.

What I'm seeing is that many homes, especially 4-5bed/2-3bath homes priced around $400-$500k (what I'm looking at) are dropping in prices pretty steadily. As in, sellers are cutting their asking price by 4-5% in a single shot.

Still to be seen what the market looks like next summer... So who knows.

How is home inventory in NC?

if you were looking in my school district in PA you would only have 8 homes to look at ranging from 200k to 2 million

[kork13]

How is home inventory in NC?

if you were looking in my school district in PA you would only have 8 homes to look at ranging from 200k to 2 million

I can't really say positively without getting proper numbers from a realtor, but it seems decent.... In any given area, there's at least a few options at each price point on up the scale. DOM is definitely increasing to a less crazy figure, averaging maybe 2-3 weeks (best guess without real data).

[riverwed070707]

Slowing BIG TIME here. I watch the market daily - I know every new house that comes on the market in a 30 mile radius. Inventory is *way* up, sales are *way* down and prices are gradually starting to reflect that but still higher than "normal". Interested to see if our county tries to take advantage of the short bubble to increase our property taxes again this year by way of increased assessments.

[kork13]

Slowing BIG TIME here. I watch the market daily - I know every new house that comes on the market in a 30 mile radius. Inventory is *way* up, sales are *way* down and prices are gradually starting to reflect that but still higher than "normal". Interested to see if our county tries to take advantage of the short bubble to increase our property taxes again this year by way of increased assessments.

Shoot, the counties around my house in Idaho have been raising property taxes every SIX MONTHS!!! As in, issuing special assessments that increase what was previously assessed just 6 months prior. Insane.