It's Been a Roller Coaster Alright! 🎢

2023's real estate ride has had a few unexpected twists and turns!!

 

Let’s talk about how things are shaping up as we enter Q4 shall we?

 

Home Prices: We can expect slight dips in home prices nationally, but don't anticipate any dramatic decreases. Last year saw a significant 10.2% increase in home prices. Now, predictions for this year show a minor 0.6% drop in median list prices. Of course this is a national average. Our county(s) are seeing the following trends. 

Spartanburg County

Interest Rates: The good news is mortgage rates are anticipated to decrease, with expectations around 6.1% by year-end, down from an initial prediction of 7.1%. As of today, the rates are riding right as high as 8% for a 30 year conventional mortgage.

 

Inventory: It's still a tight market. We're seeing a decline in homes available for sale, with a predicted 5% drop this year. Home sales are expected to decrease by 15.8%. Our local market is currently sitting at 1 month of inventory.

BUT JUST IMAGINE IF RATES DROP! WE THINK ITS HARD NOW WITH LOW INVENTORY. SHOOOO MERCY!!

 

Builder Activity: New housing starts are predicted to decline by 19.6% this year. This will contribute to the already existing housing shortage.

All things considered… affordable areas are seeing more buyer interest and competitive prices, while pricey regions have somewhat stabilized.

Greenville County

So, as we navigate this roller coaster of real estate in 2023, always remember: it’s not just about the ride, but who you’re sharing it with. I’m thrilled to be right here next to you! I’m here to help, call me anytime!!

Spartanburg is home to some of the finest farms in the Southeast. Check out these great options and SHOP LOCAL!