Hot of the press numbers from Stillwater, Lake Elmo, Hudson & Woodbury analyzing changes from January 2023 to February 2023. Wondering what's happening in your local market - take a look!

Housing Market Update

Nationally:

Nationally home prices continue to climb, with the median existing-home price hitting an all-time high of $359,000 in January. This marks 131 straight months since housing began recovering from its post-recession low - a record streak that shows no signs of slowing down as three out of four U.S regions experienced increasing values while property markets across the West softened slightly for month-over-month changes.

Locally:

Locally from January to February, we saw home prices increase month over month in 3 out of the 4 cities researched. We do not anticipate house prices dropping, crashing, or even popping.  Despite an ongoing economic downturn, home prices remain resilient due to a limited number of available housing opportunities. As supply remains scarce, the cost of entry into homeownership has stayed high despite market pressures.

#1 Issue in the Housing Market Today:

Despite the presence of more homes on today's market than a year ago, it is still not enough to satisfy buyer demand. This can be largely attributed to current homeowners choosing against listing due to their attractive mortgage rates, some below 3%. Consequently, supply remains at less than half of pre-pandemic levels - leaving homebuyers searching for that perfect place with fewer options.

With inflation still on the rise and interest rates continuing to increase, navigating through today's mortgage landscape can be quite a challenge. For those seeking home ownership, having an experienced lender who is able to understand your needs and provide solutions in easy-to-understand terms could make all the difference. Make sure you consider your options carefully with help from professionals - it will pay off!

Reach Out:

Thinking of entering the housing market? Investing in a property can be one of life's biggest decisions. Don't let questions or concerns make it overwhelming - get informed now and connect for expert advice! Our services are designed to empower you with the knowledge and guidance necessary for informed decisions. We will never pressure or push our clients - only provide honest advice that takes your best interests into consideration, even if it means making the decision not to go ahead with a purchase or sale.

Contact Truen Group by Laurie Dick