Are home values staying strong?
- Existing home sales decreased 5.4% in June, lowering to 4.57 million homes sold year over year. Thats a pretty significant decrease when comparing to last years 5.24 million homes sold (YOY) In June 2021.
- However, when comparing to the 2019 pre-pandemic levels of 4.765 million existing homes sold, we are relatively level with the strong market that buyers and sellers faced before the pandemic.
- Despite fewer sales, the current low inventory is continuing to drive sales up with Columbia showing an average sales price of $298,900, up 13% from June 2021.
- Columbia is working to grow its home inventory, but the lack of affordable new construction homes to help increase the inventory issues shows that our low supply is likely here to stay for quite some time. This should help the existing home value stay strong.
- When you sell, preparing your home correctly can make a drastic difference in its value. The longer your home sits on the market, the less likely you are to receive the offer your home deserves! So ask yourself, is your home market ready?
Want to stay up to date on mid-missouri’s real estate market? Subscribe below!
Source – National association of Realtors, July 2022 : Columbia Board of Realtors, July 2022