Single Family Homes Market Update | January 2023

Now let’s break down the stats by housing types. So, first of all, is single-family homes.

Single-family homes account for 80% of the homes sold in this area. The average price in January for a single-family home was $644,000. Last year, that was $703,000. But again, in 2020, single-family homes were selling for $446,000. So a 44.4% increase in that segment of the market.

The number of homes listed for sale has gone up dramatically. Again, 103 last year, 342 this year.

During the pandemic, baby boomers were staying in their homes because they were worried about moving into communal living situations like condos or retirement homes. But now they’re saying it’s time, it’s a good time for a move.

So that’s why we’re seeing more on the market right now. Average days on the market, very consistent with the market overall. For a single-family home, you can expect to be on the market for an average of 39 days. And with that, again, sellers need to be prepared for that because your life is impacted by the amount of time you have showings happening.

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