Digital USA Info

Regional real estate market strong despite slowdowns: report


This file photo shows a 'for sale' sign in front of a home in March 2021. A new report from Allen Tate/Beverly-Hanks says the regional market is strong for sellers, despite sales dips from last year.

While “sensational news headlines” paint a picture of a weak real estate market, a new report from Allen Tate/Beverly-Hanks Realtors says the regional market is still strong for sellers, despite some slowdowns from last year’s record highs. 

Although regional sales are down 13.8% and the number of homes on the market increased 14.3% over last year, the 2022 Quarter Three Market Report notes that demand continues to outpace supply, which is shown by a 13.3% average price increase year-over-year. That rise is much lower than the dramatic rise in 2021, which is helping moderate the market, said Brian Cagle, vice president and managing broker at Allen Tate/Beverly-Hanks

The “days of skyrocketing listing prices and intense competition may be behind us for now” and sales are projected to continue falling into next year, but the report says long term data suggests the market is starting to balance out.

Source link

Leave A Reply

Your email address will not be published.