Market Update: Exciting Trends in Our Local Real Estate Market

I wanted to take a moment to update you on the current real estate market trends in our area. It's always good to stay informed, whether you're thinking of buying, selling, or just keeping an eye on the market.

Current Market Conditions:

• Inventory Levels: We've seen a slight increase in inventory over the past few months, providing more options for buyers. However, demand remains strong, especially for well-priced homes in desirable neighborhoods.

• Home Prices: Home prices continue to rise, although the rate of increase has started to moderate. This is a positive sign for a more balanced market. Sellers can still achieve excellent returns, while buyers are finding more opportunities.

• Interest Rates: On Tuesday, July 2, 2024, the average interest rate on a 30-year fixed-rate mortgage rose 10 basis points to 7.058% APR. The average rate on a 15-year fixed-rate mortgage climbed 10 basis points to 6.334% APR, and the average rate on a 5-year adjustable-rate mortgage went up five basis points to 7.8% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 21 basis points higher than one week ago and 30 basis points higher than one year ago.

• Days on Market: Properties are still selling quickly, with many homes receiving multiple offers shortly after being listed. However, the average days on market have slightly increased, giving buyers a bit more time to make decisions.

• Neighborhood Highlights:

• Florence: This area continues to be a hot spot, with new developments and amenities attracting buyers. Prices here have seen a increase over the past year.

• Union: Known for its great schools and family-friendly environment, this neighborhood remains highly sought after. Inventory is low, so homes here are selling quickly.

• Burlington: A favorite for first-time homebuyers, this neighborhood offers a good balance of affordability and quality. It's also seeing new businesses and infrastructure improvements.

   

If you have any specific questions about the market or are considering making a move, I'm here to help. Feel free to reach out to me anytime for more detailed information or to discuss your real estate goals.

Thank you for trusting me as your real estate resource. I look forward to assisting you with any of your real estate needs.