The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report which gives insight into today's market conditions.
Consumer confidence is at the highest level in over a decade. Pair that with interest rates still below 4% and you have an attractive market for buyers.
Homes sold in March were on the market for an average of 47 days and 42% of properties sold in less than a month.
If you've been asking 'What is my home worth?' things are looking good! The report also showed that March marked the 49th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $210,700 (up 5.7% from 2015).
So What Does This Mean?
NAR's Chief Economist, Lawrence Yun gave some insight into the correlation:
"Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures."
If you are thinking of selling your home this year, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Contact Marshall Realty today so we can get the process started!