Will Rising Rates Cause Prices To Plummet?

Updating you on the highlights of the June real estate market.

We know the market and we’re here to update you on what’s going on. Here are the highlights of the residential real estate activity in our area during June:

• The number of active listings was down 35% from one year ago, and up 3% from the previous month. This tighter inventory means that buyers who waited to buy may have had a smaller selection to choose from.

• The median listing price for June is $435,000.

• The average number of days units spent on the market was down 50% compared to a year ago. This lower number of days on market may signal a positive trend in the local inventory turnover rate.

• The median sales price was $339,000.

• The number of units sold decreased by 3% year-over-year and increased by 3% month-over-month. Despite the slight annual decrease, this monthly sales trend indicates positive momentum.

We hope you found this information helpful. If you have any questions, email askdave@davefriedmanteam.com or call (843) 936-1788. We look forward to hearing from you.