Grab a light jacket, the real estate market is cooling off (but just a little)!
According to an article from realtor.com, experts are anticipating more houses to go up for sale in the second half of the year. However, the market will likely remain competitive… So maybe all you need is a light sweater?
Here’s the scoop:
Single Family Residential Median Sales Price = $272,000
Average days on market until sale = 21 days
*July 2021 St. Louis Stats
A balanced real estate market has between 5.5 & 6 months of homes for sale. In January of this year, there were 1.2 months of inventory and in July, 1.6, in Greater St. Louis. So while the gap is getting smaller, there’s still quite a ways to go until it’s balanced!
With interest rates still at record lows, locking in a low interest rate gives buyers more purchasing power that they still want to take advantage of while they can.
What questions do you have about buying or selling a home this Fall? Our DM’s are always open! 💗
