A Mid-Year Market Update

June 30, 2023

There’s been so much news lately on the economy and real estate. If you’re planning to buy or sell a home soon, you may wonder what it means for you. While headlines may paint another picture of the market, anyone out looking for a home is often experiencing competitive conditions. 

That’s why it’s essential for real estate professionals to be the source of insight into local market conditions, to dispel myths and help buyers and sellers make the best decisions.

A More Balanced Market

After low-interest rates caused a sales frenzy during the pandemic, higher rates have created a more balanced market. Home prices have cooled, and in some markets, prices are down from peak levels. Although inventory has increased, the number of available listings is still low.

What does this mean for homebuyers and sellers?

Buyers: While the level of urgency has lessened, multiple offers are often received, so buyers still need to be prepared to make an offer quickly when they find a home they love. In general, it is taking only slightly longer for the typical home to sell than it did during the pandemic market.

Sellers: It’s still a great time to sell your home as the supply remains at record low levels.

Long & Foster is Ready for Any Challenge

During Long & Foster’s more than 50-year history, we’ve weathered every economic storm. We’re a solid company whose business model is built to handle market shifts.

With Long & Foster, you’ll have everything and everyone you need to buy, sell, rent, invest and own a home. Real estate. Inspection. Mortgage. Insurance. Settlement. Moving. We’re your home for all things home, making it easier for you to buy or sell with us. You’ll enjoy a more streamlined and relaxed experience every time you work with us. Plus, as a Berkshire Hathaway HomeServices of America affiliate, we have unequaled financial strength and stability

To stay updated on what’s happening in your market, contact your Long & Foster agent.