What will the real estate market remember about 2020? Will it be the fallout from the stay-at-home period that caused a stall in the market? Or will it be the recovery we’re now experiencing?
Real estate is hyperlocal, meaning what’s happening in our local market isn’t what you’re hearing from national news outlets. Despite home sales dropping 1.5% year over year in early 2020, prices have rebounded with an increase of 7.8%, which is a substantial leap. According to the MLS, the average price increased to $155,000 in Montgomery County, $207,000 in Greene County, and $275,000 in Warren County. The economy has come roaring back in many ways, and real estate is leading it all.
The only challenge is the extremely low supply of homes. Comparing 2020 to 2019, there have been 9.75% fewer houses for sale. Coronavirus apprehension has kept some sellers from entering the market because they don’t want crowds of strangers in their homes. Others have declined to move because they’re worried they wouldn’t be able to find a house to buy if their current home sold.
Going forward, the low inventory will likely stifle the number of houses sold while keeping demand strong, causing prices to continue to increase. In these uncertain times, it’s helpful to sit down and discuss plans with someone experienced in the field.
Give us a call at (800) 722-2585 or send an email soon; let’s talk about your options or find out how much equity you have in your home. Having all the facts will help you decide whether now is the time to move ahead or wait a while longer. If you have any questions, reach out to us as well. We look forward to speaking with you.