Montgomery & Hillsborough Housing Market Update: June 2023

We are officially halfway through 2023, and still no relief from mortgage interest rates. Buyers, Realtors® and Lenders are all watching the market reports, waiting for this anticipated drop in rate. Regardless, serious buyers are still out there shopping for homes. Most of them have been in the race for months now, and know it’s a competitive market with low inventory. If their agent has properly prepped them, they know they have to make a strong offer NOW, while there are less buyers in the race. As soon as those rates drop, so will the number of buyers re-entering the buying market.

Montgomery:

If you look at the numbers for June, you can see that the average list price (ask price) of homes continues to rise. In June, the average ask price was $847.8k vs $752.7k last year (+12.6% change). The average sale (closing price) price in June was $891.1k vs. $824.6k in June last year (+8.1% change). Average sale price was 5.1% over asking price, vs 9.6% last year.

Hillsborough:

Hillsborough continues to be in demand as well. Average sale price for June was $615.4k compared to last years $548.7k (+12.1%). Homes are still selling over ask price at an average of +5.3%. While we did see a seasonal uptick in number of homes sold this month (in line with previous years), inventory is still low. We only have a one month supply of homes where a neutral market is considered 6 months.

So what’s next?

Buyers – if you see a home you like, be prepared to go in with a strong offer. Yes, offer price is important, but seller’s don’t always go with the highest offer. Make sure your agent finding out what’s important to the seller. Timeline to move? Waiving or Limiting Inspections? If you’re not already working with a real estate agent, let’s connect and discuss how to make a compelling and strategic offer.

Sellers – inventory is still low, and buyers are out there wanting to buy your home. Let’s discuss what’s holding you back from selling and come up with an action plan so you can take advantage of this seller’s market.

https://dianaandes.com/contact/