Its’ summer in the Ozarks and the real estate market is in full bloom. Homes Are selling fast and for more than any other time this year. Inventory remains low, which is a good sign for potential sellers. If you’re considering making a move, now is a great time to put your home on the market!
In June, the number of listed properties increased to the highest level this year. We’re still seeing very good numbers of homes under contract and homes sold, despite having fewer homes on the market than usual. It remains a very good time to list a home in the Greater Springfield area due to the limited inventory on hand. The supply is currently at 2.4 months, matching last month’s total.
Home prices have continued to increase this summer, topping out a median list price of $175,000 which matches the high for the year. The Median list price is now over $154,000. This is a great sign for potential sellers. Not only are homes selling for more, they’re also selling faster than usual.
More and more new listings are coming on to the market each month this summer. Nearly a thousand new properties hit the market in June, marking the highest total of the year s far.
Mortgage rates have been a hot topic lately, with rumors of another increase swirling. However, in April we saw a quarter percent decrease in rates across the board. Locking down a rate at 4% is a great opportunity because of the speculation of rising rates. Overall, the mortgage rates are still historically very low. Since 1985, rates have decreased more than 13.5%.