Is the market slowing down? With the recent interest rate hikes, many of our clients have asked our team this question. Today we’ll share some data to help explain what’s happening in our market.
The short answer to this question is yes; the market is slowing down. However, it’s still a good time to sell. The Federal Reserve has raised interest rates to fight inflation, making it harder for buyers to purchase homes. There is also a surge in new construction homes and altered zoning laws which have increased the housing supply.
Before the pandemic, there were 1,100 active homes on the Lancaster County market at any given moment. At our low point a few months ago, we were at 350 active homes. Now, inventory is slightly rising, and we are at 520. If you were a buyer who also needed to sell your home a year ago, you had a hard time getting your offer accepted. Now that the market is slowing down, more properties are coming on the market, but homes may also sit longer before being sold.
It’s not too late to buy or sell a home. If you need more help with your real estate plans, don’t hesitate to call or email us. We look forward to hearing from you and seeing how we can help.