January 2024 Market Update

As we are entering the first quarter of the year we are feeling the effects of a slowdown for which is typical for this time of year. Typically January, February, and March. Weather will certainly have an impact on the future as we continue to navigate this real estate environment.

But by the end of January, we had approximately five home sales in Richland County, totaling just over 1.1 million. The average sales price is down slightly to about 230,000. Given the smaller size of a few of the properties that sold. Currently, we have 23 homes that are actively for sale, and not under contract.

That is the lowest number we have had since June of 2022, and we have seen this number continue to decline. This means there's not a lot available for sale, and we are seeing buyers beginning to continue to enter the marketplace as well. They are being a little bit more particular about what they are purchasing and taking a little bit more time to make decisions that are probably impacted by the continued decline in interest rates.

So they don't feel rushed to move into something too quickly. Interest rates are down over a point from the fall of 2023, specifically in October, and they are hovering right around the 6.6 percent mark for a fixed 30-year mortgage. So that is good news for buyers. Stay tuned as we continue to navigate this real estate market.

Any questions you have, reach out or send me a direct message at 478-8020.