Normalizing interest rates are fueling sales again. Some selling hot spots are getting 2 or 3 offers on their property. Not quite the 13 or 14 offers from last year but much more manageable. Still many sellers are having to reduce prices as buyers ignore overpriced properties.
The chart below shows real estate activity for January 2023 compared to the same timeframe in 2022.
The median sales price in January 2023 was $241,500, down -2.23% from $247,000 from the previous month and 5.92% higher than $228,000 from January 2022.
The January 2023 median sales price was at its highest level compared to January 2022 and 2021. The average sales price in January 2023 was $288,430, down -1.76% from $293,605 from the previous month and 4.54% higher than $275,895 from January 2022.
The January 2023 average sale price was at its highest level compared to January 2022 and 2021.