As busy realtors, we intuitively know what’s happening in the market. But this week, I decided to pull some numbers. I was talking to a client about the price of their home, and I found some interesting information.
We looked at homes selling at different price points. Of the homes sold so far this year, 55.9% have been priced less than $600,000, which makes sense.
That’s where the first-time buyers are, and that’s where the investors are. Homes that might need some updating but are really good starters are in the middle range, the $600,000 to a million dollar range, which accounts for 37.6% of the market right now.
What’s interesting is homes over a million dollars are only 6.5% of the market, and so then I looked at, well, what’s the average time it’s taking to sell these homes? Not surprisingly, the ones under 600,000 are selling faster at an average of 33 days on the market—those in the middle, 600 to a million.
On average, it takes 37 days to sell those homes and the million-dollar-plus homes. On average, it takes 60 days to sell, and there’s a wide range there. Some of them can be on the market for a year.
If you’re wondering about a strategy for your home or are thinking of selling, contact us, and let’s discuss it.
Watch the market update here
