The summer heat carried over to the third quarter in the real estate world, keeping up a steady, reliable pace for home buyers and sellers. Inventory is still low, making it a great time to list and a fast paced market for buyers. In the second quarter of 2019, we said it was the best time this century to sell a home and not much has changed. Home prices have decreased a bit since the peak of the summer, but are still close to the highest numbers from 2018. Plus, they’re still selling quickly when priced accurately. With interest rates well below 4%, it is still a fantastic time to invest in real estate. Let’s take a look at the numbers for Greene, Christian and Webster counties for residential properties from July to September!
We experienced strong numbers in homes under contract and closed all throughout the third quarter. Both July and August were fast paced, with September slowing a bit. Prices reached a yearly high at $180,000 in July, evening out at around $165,000 in the final two months of the quarter.
Federal interest rates dropped even further than most folks predicted in the third quarter, hovering around 3.5% for a 30-year fixed rate and 3% for a 15-year. Last quarter we said it was the best time this century to sell a home and nothing has changed there. Now is a great time to lock in a low 30-year or 15-year mortgage.
The average days on market dipped below a month for the first time this year in the three county area in July. As the weather grows colder, the days on market tends to grow, although at a steady pace, increasing 10 days in two months. A higher days on market is a good sign that the market is leveling out to allow for more inventory to become available.