Local market update: August 18, 2023
Recently, there was an article posted by Fox Business which states that “The market is at a standstill,” according to Redfin CEO Glenn Kelman. “Sales volume is absolutely rock bottom. The people who need to sell won’t do it because they don’t want to give up their mortgage. The people who normally would buy can’t afford it.”
There’s an old saying in politics that “all politics are local.” I would add that the same applies to real estate. All real estate is local. The Johnson County market continues to remain robust. I am working with several buyers and sellers in this market. Anecdotally, we are selling and buying houses rather quickly in our current market. These are properties that are priced correctly with consideration of recent market sales.
The local market remains a seller’s market. Let’s look at our numbers. Looking below at the July 2023 Johnson County statistics from the Heartland MLS:
- Average Sales Price has increased to $544,305 (+11.4%) compared to last year.
- Days on Market Until Sale has increased to 30 days, which a month or less is still considered a seller’s market.
- Percentage of Original List Price Received is more than 100 percent on average and a slight decrease from last year.
- Inventory is a minor decrease over last year.
As always, I’m interested in what your thoughts are about this market.
“Real estate brokerage giant predicts a ‘tough’ market for remainder of 2023.” Full article here
Johnson County market update
This week in Johnson County there were 1179 active listings, and 1206 listings went under contract (Source: Heartland MLS, August 18, 2023).
About Maggie
Maggie is a ReeceNichols real estate agent and a third-generation realtor. It’s her passion to provide a professional and positive buying and selling experience to her clients. Maggie has been featured in Realtor.com, Apartment Therapy and in other publications. https://maggief.reecenichols.com/
Follow her on Instagram and Facebook for updates on the local market.
