According to the National Association of REALTORS®, U.S. existing-home sales rose 4.2% in March, outperforming expectations. The increase in activity was most noticeable in the South and West, with the Midwest remaining steady.
Locally, we’re seeing a noticeable shift in inventory and pricing:
- New listings increased for both single-family homes and condos.
- Inventory saw a significant rise—up 29.4% for single-family homes and 58.3% for townhomes and condos.
- Median sales prices continue to climb—up 6.4% for single-family homes (to $1,208,000) and 4.1% for condos (to $720,000).
- Homes are taking a bit longer to sell, but demand remains steady with buyers returning to the market despite higher interest rates.
If you’ve been considering selling, this could be a great time to explore your options while inventory and buyer interest are both on the rise.