The number of active residential listings is up 112% from one year ago. While inventory is still relatively low, it’s gained a lot of traction in comparison to last year. Higher interest rates have slowed buyer demand, and we are seeing properties staying on the market 30% longer than in 2021. This longer timeline for listings is building up the inventory. However still not enough to drastically affect prices. While below the April peak, homes are still selling at historically high prices – it is just taking more days on the market to do so.
Market Insights by Real Estate expert and Broker Ben Berend.