Crystal Coast Housing Market 2023

If you're like most people, you're likely wondering where we are headed in the housing market. The good, the bad, and the ugly. Interest rates for home loans have been hovering around 6.5% depending on your credit score and debt to income ratio. This shouldn't keep you from selling a home in this market, but it may cause one to pause before buying a new home.

The good news for sellers according to Coldwell Banker's market data is that in the beach areas, we are still seeing a drop in inventory (down 30% from the same time last year) as well as an increase in average sales price (up 13-20% from 2021). The number of days a home is on the market has increased but has not impacted pricing yet- see the chart below.

Buyers, there's some good news for you as well. If you can find a property with a motivated seller, you may be able to get a decent price with less money down that we saw last summer. If you can buy now, you can refinance when interest rates go back down, putting you ahead of the game.

However, some buyers are waiting this out. If you look on any social media or Utube videos, you will likely see a number of real estate experts suggesting to hold off until inventory increases and home prices drop. So far, we have not seen this price drop in our crystal coast area.

The economy impacts the national housing market in terms of interest rates and affordability, but the demand and supply of housing will continue to reflect strong demand in our local market as long as inventory remains at an all time low. If you do not need to purchase, perhaps wait to see what this spring brings. The seasonal real estate market is typically better with sunshine and blue skies; when more sellers start putting their home on the market.

Stay tuned for another market update next month. If you would like to be placed on our Quarterly Market Real Estate Analysis emails, reach out to me at [email protected]

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