Real Estate Market Report: 2019 Numbers & A Look Ahead to 2020 Real Estate Market Trends
How has our market changed in the past year? These statistics tell the story.
I’m here today with a quick market update that will show how our 2019 market compared to what we saw in 2018.
In 2019, we sold 9,825 homes. That’s a slight 4% increase from what we saw in 2018.
"Buyers have 16% more buying power than they did in 2018."
The big difference was with the median sales price, which jumped up 10% from $198,000 to $218,000. We all know home prices have been rising, but most economists are predicting a more modest increase for resale homes in 2020. This is due in large part to the increase in new construction that we’re seeing.
The average mortgage interest rate is 3.5% right now. That’s a huge drop from what we saw a year ago when rates were near 5%. Buyers have 16% more buying power than they did in the last year. This is enabling more people to afford new construction properties.
We expect 2020 to be a great year for home sellers, but don’t expect to see the double-digit appreciation that we have been seeing for the last few years.
If you have any questions, feel free to give me a call or send me an email today. I look forward to hearing from you soon.
See how much your home would sell for, today.
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