As we move into the final quarter of the year, the real estate market is witnessing a significant shift, especially in the $600,000+ price range. For sellers, buyers, and investors, understanding these changes can be crucial to making informed decisions in today’s housing market. Here’s what you need to know:
1. Increased Supply Levels for High-Value Homes
Inventory in the higher-price segments has grown, especially for homes priced above $600,000. This increase in supply has helped balance out the market conditions, creating more options for buyers and investors, and helping sellers capitalize on demand within this bracket. As of October, inventory levels rose to 4,966 units, marking a substantial increase from last year’s near-record low of 3,205 units.
2. Balanced Market Conditions in the Upper End
The improved supply in higher-value homes means that sellers in the $600,000+ range have better positioning, while buyers gain more choices. This contrasts with the lower-end market, where limited supply has kept competition high and price pressure strong.
3. Seasonal Adjustments Impacting Prices
Seasonal factors are always an element in real estate, and this October was no different. While we saw a slight seasonal dip, unadjusted benchmark prices for all residential property types still remain above last year’s levels. For example, the benchmark price for detached homes is now $753,900, which is still 8% higher than last October.
4. Investor Insights: Strong Demand Continues
Investors looking to enter or expand in the residential real estate market can take advantage of this balanced shift in the high-value market. Strong demand and stabilized prices, especially in upper-tier properties, offer promising investment opportunities.
The current real estate climate offers unique opportunities for sellers, buyers, and investors, particularly in high-value homes. With supply improving and market conditions stabilizing, it’s an ideal time to explore options and make decisions based on your real estate goals. Stay informed on market trends, work with an experienced Realtor, and make your move before the year-end!
Looking for more insights? Connect with us to learn how to leverage this market.
Jason Streich
Real Broker
(403) 807 2204
jason@jasonstreich.com
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