Here are the numbers for those of us who enjoy calculations:
32% of our market is homes under 100K.
47% of our market is 100-200K.
15% of the market is 200-300K.
5% of the market is 300-500K.
Over 500K? That is less than 1% of the market and pulls 90% of the list price for the seller while more affordable homes are pulling an average of 97% of the list price for the seller.
Our area’s “sweet spot” are homes between 100-200K and these homes typically stay on the market on an average of 45 days before they get a contract. Over 500K? You’re looking close to 200 days before the seller gets an offer they are willing to accept.
Today’s average sales price is 26% higher than it was in 2016. That’s a nice increase in your housing value!