Long & Foster’s Third Quarter 2023 Real Estate Market Update
We’re more than three quarters into 2023, and a lot has happened in the real estate market. Interest rates have risen, shifting the market to a more normalized pace—reminiscent of the years pre-pandemic. Plus, we’re seeing the below trends, when comparing the third quarter of 2023 with the same period in 2022.
Fewer homes were sold. The number of properties sold this year was down 18% compared to the same period last year.
Homes were more expensive. While fewer homes sold, those that did sell had an average sale price that was 6% higher than during the same time in 2022.
They took a few days longer to sell. On average, homes were on the market 29 days before they went under contract—that’s seven days more than last year’s average, but much faster than before the pandemic.
What does this mean for buyers?
Opportunities await those with insight and resilience. With a more balanced landscape, now is an encouraging time to embark on your homeownership journey. While the number of homes available may be fewer, the silver lining reveals properties with elevated value.
As you navigate the possibilities, consider the advantages that come with a slightly longer time on the market. This extended window allows for thoughtful decision-making when finding the home that aligns with your vision.
What does it mean for sellers?
Your role as a seller becomes pivotal in this new phase. While fewer homes were sold in the third quarter of 2023, remember those that found new owners commanded higher prices.
As you consider entering the market, recognize that your property holds unique value in this landscape. It might take longer to find the right buyer, but the additional time allows for a more deliberate and advantageous negotiation.
Whether you’re envisioning a new home to call your own or preparing to pass the keys to another, rest assured that Long & Foster is here for you. We’ve been through many market cycles and can help you achieve success no matter the market conditions.
If you or anyone you know is planning to buy or sell a home, or you just have questions about the market, please contact me.
With optimism and commitment,
P. Dennis Connelly, GRI, CRS