Market Update-August 2020

Let's talk numbers.

The average price for a 3 bedroom stick/site-built/single house, in the Triad Multiple Listing service, was $219,431, in the month of August. This is a drastic increase in from the $182, 373 it was in January. The Real Estate Trend Indicator shows a 20.3199% increase from the beginning of the year to now.

Ycharts.com has the average interest rate on a 30-year fixed loan at 2.99%, compared to 3.72% in January. Check out their chart below to see the interest rate trend over the last year.

Below are two charts from InfoSparks, for the Triad MLS. One shows the supply of inventory and the other shows the average number of days on the market.

The numbers speak for themselves. Interest rates are low, home supply is also low and they are selling quickly. In a market that can be overwhelming, at best, it helps to have experienced professionals in your corner. Each person you choose to work with impacts your experience. From your real estate agent, to your lender, as well as your inspectors; you want to work with hardworking professionals that will advise you and ease the stress of home-buying. Our next blog will give you some tips for choosing the best team of professionals during this market.

Stay safe!