2023 was an interesting year for the local real estate market. With mortgage interest rates climbing to roughly 8% in the fall, many buyers delayed or changed their search parameters.
The ultra-low interest rates from previous years also impacted potential sellers in 2023. Homeowners who secured a low interest rate in the 3% range were reluctant to list their property for sale and purchase another property at today’s higher interest rates.
Going into 2024, we are in a better position with a rising inventory of homes for sale, coupled with mortgage interest rates that have started to come down since October.
– Mike Hughes, Downing-Frye Realty, Inc.