In the span of a year, the real estate market can see a myriad of fluctuations. Looking back from August 2023 to August 2022, the market dynamics for single-family homes have presented an interesting narrative, one that speaks of subtle yet impactful changes.
Price Matters In August 2022, buyers were looking at an average sold price of $444,858 for single-family homes. Fast forward a year, and the scales tipped a bit higher to $467,386, marking an upward shift of 5.06%. But it wasn’t just the average prices that saw a hike. The middle ground, or the median sold price, also nudged up from $420,000 in 2022 to $430,500 in 2023, a gentle rise of 2.50%. It seems that as the months rolled on, homeowners found their assets appreciating in value.
Patience is Virtue For sellers, the average days their homes stayed on the market edged up a bit. In August 2022, homeowners waited an average of 18 days before making the sale. By August 2023, this waiting period expanded slightly to 20 days, a modest extension by just two days.
Square Footage Speaks a critical metric that buyers often scrutinize is the price per square foot. Here too, we observed increments. The average price per square foot grew by 3.36%, rising from $243.29 in 2022 to $251.46 in 2023. Similarly, the median price per square foot – a metric less influenced by extreme high or low values – saw a comparable increase, moving from $243.52 to $252.28, a change of 3.56%.
Listing Landscape One of the most notable shifts in the market landscape was in the volume of sold listings. August 2022 witnessed 506 single-family homes changing hands. In contrast, August 2023 saw a decline with only 370 homes being sold, marking a significant reduction of 136 listings.
Conclusions The year-over-year comparison between August 2022 and August 2023 paints a multifaceted picture. Prices, both average and median, rose modestly, hinting at an appreciating market. The price per square footage also surged, emphasizing the growing value of property space. However, the decrease in the number of listings sold indicates a possible shrinking supply or decreased demand.
Whether you’re a homeowner, a prospective buyer, or a market analyst, these statistics offer valuable insights. The real estate dance between supply, demand, and value continues, and these numbers are but one snapshot in the ongoing saga of the property market.
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