Phelps county market update - October 2023

The real estate market is always changing...

We're here to give you the latest news and updates on your local real estate market.

Let's take a look at the key points in Phelps County, our Rolla marketplace.

1️⃣ Median Sales Price

We generally focus on average sales price, but let's look at the median this time. It’s often more consistent. Year over year, there’s been an 11% increase in the median sales price in our area.

So, despite all the media noise, our local market is very STRONG.

2️⃣ Number of New Listings

We're currently in a low inventory phase. The number of new listings has decreased recently, which has, in turn, caused a dip in the number of houses sold.

3️⃣ Days on Market

This tells us how long the average home is sitting on the marketplace before it sells. And this number is actually increasing significantly.

On average, houses in Phelps County are taking around 81 days to sell. That's close to three months.

So, if your house hasn’t sold immediately, stay patient. It’s typical in our current scenario.

🔍 What does all this mean for you?

If you're thinking of diving into real estate, NOW might be the perfect moment.

Waiting for a potential market crash or rate drop? Remember, when interest rates decrease, house prices may shoot up...RAPIDLY.

➡️ BUYERS, we have programs to help you get up to 3% off the market interest rate. You can buy a home at a lower price and when it increases, you can refinance that home to get an even lower rate when late rates do decrease.

➡️ SELLERS, with increasing median sales prices and high buyer demand amidst low inventory, this might be your moment!

Matt Smith Real Estate Group is the #1 Real Estate Team in Mid-Missouri. We understand that this is the biggest purchase or sale of your life that's why we are always staying educated, informed, and in tune with our local marketplace.

We absolutely love being your #1 go-to resource for all your local real estate needs.

Questions, thoughts, or need assistance? Just reach out!

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