September 2023 Market Update

The summer months had a slow down in sales this year. The stable interest rates in the first half of the year brought buyers back to the market in the Spring but with the increase in rates unfortunately sidelined many buyers once again this past summer.

Months of inventory did increase over the summer months which is a sign we are in a more balanced market, however, the mix of that housing supply also plays a key role in prices. The majority of properties for sale were single family homes which are at the top price point. Only 37.1% of properties listed for sale were either townhomes or condo’s which is what a lot of families are now looking to purchase. This can put upward pressure on prices of these “missing middle” homes. 

The graph below shows median prices over the past few years for single family homes and condo’s.