Residential real estate market demand heating up in spring season while supply levels struggle to meet buyer demand
Overall residential sales across the region were down 30.6% over April 2022 but up significantly from sales recorded in March 2023.
After a slow start to this year, we are seeing increased buyer confidence and the arrival of the busier spring market.
Buyers who put their purchases on hold amid rising rates and economic uncertainly have come back to the table and resumed their search for the perfect home.
Things do look a little different though. Well priced properties are seeing a lot of activity – even multiple offers. Particularly in the $500,000 - $750,000 price range.
But multiple offers are no longer a given. Buyers have the opportunity to do their due diligence regarding financing, inspections, etc.
Check out the April market stats according to the Association of Interior REALTORS®.