With the ongoing economic volatility, the real estate market is seeing a correction from the peak of a 10-year market upcycle.
Recent stats for home prices, appreciation rates, sales volume, overbidding, days on market, and months supply of inventory are all indicating a cooler market. That said, on the ground, houses in desirable neighborhoods are still selling quickly with multiple, competitive bids. However, with these market shifts, strategic pricing is imperative for sellers.
December is typically the low point for sales activity for the year. We expect to see more homes taken off the market to be brought on again in the new year.