Staying on top of the market is key to succeeding in any of your real estate endeavors, so today let’s review some of the latest real estate news.
During the month of July, home prices in Shelby County continued to soar. This is especially great news for sellers, who are in an ideal position to earn top dollar right now.
And speaking of positive developments, home sales for July saw an 8% year-over-year increase, while the median sale price rose 10% from July of last year. Additionally, total home sales for properties priced at or above $500,000 also rose over the past 12 months, going up 17% year over year.
That said, the number of new construction sales has seen a slight dip—but this isn’t unusual given the time it takes for such projects to be completed.
This red-hot seller’s market may not last forever, but for now, the year-over-year changes to our inventory levels make it clear why conditions have been so favorable for those looking to list. This July, there were 4,576 active homes on the market. Just two years ago, in 2016, there were 5,700.
However, with rates still at historic lows, buyers should realize that they, too, can enjoy certain advantages in today’s market. The bottom line is that whether you’re buying or selling, now is a great time to make your move.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.