The adjustments to the housing market are shifting at a neck-breaking tempo. That will help you keep present available on the market, ZeroDown compiled a weekly actual property market report in Medford utilizing knowledge from Redfin. Statistics are as of the 4 weeks ending March 6, 2022. Metros with greater than 50 houses offered throughout this time interval have been thought-about for metro-level rankings for every statistic.
Actual property is making headlines once more this week, and for good motive. The housing market broke one other all-time file in January 2022, with 70% of the homes available on the market that month ending in a bidding struggle between consumers, in keeping with knowledge launched Feb. 23. That price was up by 9 proportion factors in comparison with the identical time final 12 months.
The milestone is nice information for sellers—however one other hurdle for potential homebuyers.
Sellers are in a position to capitalize on the dearth of stock and intensely excessive demand to command larger costs for his or her houses. Bidding wars additionally seemingly contributed to the latest bounce within the common buy mortgage dimension for typical loans, which set a new record of $453,000 in late February.
Bidding wars signify one more hurdle for potential homebuyers, alternatively, who’ve already confronted not solely record-high residence costs however record-low ranges of housing stock—and the looming risk of elevated rates of interest over the past a number of months.
All this spell a doubtlessly tough a number of months forward for homebuyers searching for a deal—or any purchaser who’s searching for a property to buy.
