Friday, October 14, 2022 / by Nick Waldner
What Is Our Current Market Like?
Our market has seen a shift, but it’s still a good time to buy and sell.
“How is the market?” is probably the most common question that agents get asked, and that’s what we’ll talk about today. The only way to answer that question is with statistics.
The median sales price in the Baltimore Metro Market has gone up in the last 30 days. Why is that? The median price is based on people that are buying in August. They got the August interest rate, and now they're settling. We're also seeing a lot of other changes in the market. Showings are down almost 30%, closed sales are down almost 26%, and buyer demand is down 15%, with 6% of that dropping last month alone.
"Don't believe everything you hear in the news."
Every time the Fed raises interest rates, it pulls buyers out of the market. However, houses are still selling well and in under two weeks. We’re still helping buyers into homes at low interest rates and helping sellers sell for top dollar. While there is a lot of scariness in the market, don't believe everything you hear in the news. Much of that is the media trying to sensationalize and get clicks while ignoring the facts.
If you're thinking about buying or selling, or if you have any other questions, reach out to us by phone or email, and we'll help you understand how to navigate this market. I look forward to hearing from you.