As the 2022 selling season wraps up, residential real estate continues to be in the news. Sales continue to push ahead but at a more reasonable pace. There is more selection in the marketplace and prices are holding. Even though interest rates are higher than earlier in the year, they are still at historically low levels. Most experts say that mortgage rates will be heading down in the first half of 2023 so buyers are able to make a purchase today at a competitive price and refinance later next year at a more favorable interest rate. Hence the saying, “marry your house but date your mortgage.”
During the last 12 months, the Twin Cities Region has had 56,730 closed sales. The average market time was 30 days and the average sale price was up to $419,462. Although a few of these data points are down, it’s important to compare our current scenario to previous years. As you can see in the table below, our current market looks very good by historical standards. Not the perspective you’ll hear from the media which is why it’s important to look at the whole story and not just the headlines. As we end one year and start another, the fact is that the real estate market continues to move forward. Buyers and sellers are out in the marketplace and transactions are happening. 2023 will be another great year for real estate in our community.
