As Fleetwood Mac once famously sang, "Yesterday's gone. Yesterday's gone." And they couldn't be more right. The housing market we're seeing today is unlike anything we've seen before. Despite bank collapses, interest rate hikes, and rampant inflation, the local housing market is positively roaring.
"People want to buy houses, and inventory is short, so prices continue to rise," reports Linda O'Koniewski, CEO of Leading Edge. “Last week, national housing prices fell for the first time in over a decade. But before we get too excited, let's put this into perspective. In cities like San Francisco, Seattle, and San Jose, where house prices fell by double digits, the national decline amounted to a mere 0.02%.”
Meanwhile, locally, our prices are up between 3% and 13%, depending on the county and style of home.
Cape Cod is seeing some of the biggest price jumps of all, with all categories showing double-digit increases. Multi-unit properties are particularly hot, with prices rising by a staggering 20%.
Of course, many buyers are waiting for prices or interest rates to drop, or both. But while they wait, prices and interest rates continue to rise. So, if you're looking to buy, it's worth bearing in mind that today's prices may look like a bargain compared to tomorrow’s.
In short, the local housing market is showing no signs of slowing down. It's an exciting time for sellers and an exasperating time for buyers.