Real Estate Market Update - What is Really Going on in the Market? There is no doubt things are crazy out in the world of real estate. Not only are buyers needing to deal with 7% interest rates, low inventory, stubbornly high home prices and possibly needing to pay their own agent or go with no representation. It truly sucks to be a buyer...and it isn't getting better. Interest Rates are Still Higher Than Buyers Remember Interest rates in the last 50 years have averaged in the mid 7's. We are not actually "high". We are average. Just higher than most people remember. Although I recall my parents having a 17% interest rate in the 70s. As you can see by the chart we are... Read more
Category: Market Update
Luxury Real Estate Colorado Market Trends
Luxury Real Estate: Trends and Insights in the Colorado Market The luxury real estate market in Colorado is a dynamic and evolving sector, reflective of both the state's breathtaking landscapes and its status as a hub for affluent lifestyles. From the snow-capped peaks of Aspen to the cultural richness of Denver, Colorado's luxury real estate market caters to a diverse range of preferences and demands. This article delves into the current trends shaping this exclusive market, the preferences of luxury homebuyers, and the amenities that are becoming must-haves in high-end properties across the state. Current Trends in Colorado's Luxury Real Estate Market Colorado's luxury real estate market has witnessed significant transformations over the past few years, driven by both local and global factors. A notable... Read more
Denver Real Estate Market Overview – March 2024
Denver Real Estate Market Overview - March 2024 The Denver real estate market in March 2024 continues to be a fascinating case study of supply and demand dynamics amidst evolving economic conditions. This vibrant city, known for its picturesque landscapes and booming tech industry, has seen various shifts that are crucial for buyers, sellers, and investors alike. Current Market Trends Prices: As of March 2024, Denver's housing prices have experienced slight adjustments due to various factors including interest rate fluctuations and economic uncertainties. While the market remains competitive, there's a noticeable stabilization in home prices, making it slightly more accessible to first-time homebuyers. Inventory Levels: The inventory in Denver has seen a modest increase, a positive sign for potential buyers who previously faced a highly... Read more
Navigating the 2024 Housing Market
Navigating the 2024 Housing Market: Insights for Prospective Homebuyers In 2024, the housing market continues to be a topic of widespread interest, particularly for those considering purchasing a home. With a plethora of information sources ranging from news outlets to real estate professionals, it's crucial to focus on the most pertinent questions affecting homebuyers today. This article offers a clear and optimistic perspective on the future of home prices and mortgage rates, aiding you in making an informed decision. Understanding Home Price Trends The Forecast from Experts A key resource in anticipating home price trends is the Home Price Expectations Survey conducted by Fannie Mae. This survey, drawing on insights from over a hundred economists and market strategists, projects a continuous rise in home prices... Read more
How Much Does Real Estate Contribute to The Economy? A Lot More Than You Think
Significant Role of Real Estate in the US Economy Role of Real Estate in the US Economy The real estate sector is a pivotal component of the U.S. economy, contributing significantly to the nation's Gross Domestic Product (GDP). This sector's influence spans residential investments, commercial real estate, and housing services, each playing a unique role in economic growth. Real Estate's Contribution to GDP Residential Real Estate Residential Investment: This segment, which includes the construction of new homes, remodeling, and broker fees, contributes about 3-5% to the GDP. Housing Services: Accounting for approximately 12-13% of GDP, this sector includes rents, utilities, and owners’ imputed rents. Commercial Real Estate Economic Impact: The commercial real estate sector had direct expenditures of $826.9 billion in 2022, underscoring its significant... Read more
Colorado Luxury Real Estate Market Update
Colorado Luxury Real Estate Market Update - November 2023 The Colorado luxury real estate market in November 2023 is exhibiting several important trends and insights, crucial for stakeholders in the industry. Market Overview In an ever-changing landscape, the Colorado luxury real estate market is showing signs of robust growth and evolving trends. Here's a detailed overview: Strengthening Market The luxury real estate sector across Colorado is strengthening, marked by an increase in sales prices. This upward trend is prevalent across various communities, indicating a favorable market for sellers. Challenges in Inventory for Buyers Despite the strengthening market, buyers face inventory challenges. A persistent issue in the state, there has been a slight improvement with a recent increase in available homes. Seasonal Trends and Predictions Traditional... Read more
Mentor, Ohio Real Estate Market Update – November 2023
Mentor, Ohio Real Estate Market Update - November 2023 Market Competitiveness and Prices The Mentor housing market is very competitive. The median sale price of a home in Mentor was $241,000 last month, up 0.2% since last year. The median sale price per square foot in Mentor is $148, up 4.6% since last year. In October 2023, homes in Mentor sold after 14 days on the market compared to 22 days last year. There were 54 homes sold in October this year, up from 51 last year. Mentor's real estate market has a high Redfin Compete Score™, indicating its competitive nature. Homes typically sell for around the list price and go pending in about 19 days. The most sought-after homes can sell for approximately 3%... Read more
Denver Market Update Nov 2023
Real Estate Market Overview: November 8-14, 2023 I hope this message finds you well. As we continue to navigate the ever-evolving real estate landscape, I'd like to share some critical insights from the week of November 8-14, 2023. These insights are key to shaping our approach in the current market. For more information, visit our website at Orson Hill Realty. Market Overview Months of Inventory: Currently at 2.3, indicating a tightening market with fewer new listings and a decline in active inventory. This trend mirrors the deeper parts of the 4th quarter, similar to last year. New Listings: There's been a decrease of -4.9% week over week and a year-over-year decline of -4.9%, resulting in a total of 731 new listings. This scarcity significantly influences... Read more
Real Estate Market in Akron, Ohio – November 2023
Real Estate Market in Akron, Ohio - November 2023 Akron real estate market Akron, Ohio's real estate market is a dynamic and evolving landscape, reflecting broader national trends while also showcasing unique local characteristics. As of late 2023, the Akron housing market presents a fascinating mix of affordability, competitive pricing, and rapid market movements, appealing to both buyers and investors. Current Market Trends Median Home Prices: As of September 2023, the median home price in Akron was approximately $120,214, marking a 6.7% increase from the previous year. This price elevation suggests a market that, while still affordable, is gradually gaining in value. Competitive Market Conditions: The Akron housing market is rated as very competitive, scoring 75 out of 100. The average home price was around... Read more
Home Prices Up In Over 80% of US Cities
The surge in U.S. Metro Home Prices: NAR's Latest Findings Overview of Market Trends Recent data from the National Association of Realtors® (NAR) reveals a significant rise in home prices across a majority of U.S. metropolitan areas. The third quarter of 2023 saw an 82% increase in metro areas experiencing home price growth, with 11% witnessing double-digit surges. Third Quarter Insights During this period, 182 out of 221 metro markets registered price gains, occurring amidst fluctuating 30-year fixed mortgage rates between 6.81% and 7.31%. This upward trend in prices was more pronounced than in the previous quarter, where only 58% of metros reported price hikes. Regional Variations and Specific Metro Performance The South led the major U.S. regions in single-family existing-home sales, accounting for 46%... Read more