Sellers market continues as housing prices hold steady

A recent report shows that despite high inflation and elevated mortgage rates, sellers continue to receive top dollar for their homes. In October sellers in Stark, Trumbull, and Carroll counties continued to receive over 97% of the list price. Year to date there has been less than a percentage point change, with most buyers receiving nearly 100% of list price despite median home prices jumping by 5%. This trend is true for most parts of the country. Lawrence Yun, National Association of Realtors chief economist, states that housing prices will continue to remain stable through 2023 due to low inventory. In 2023 it is expected that 1.2 million single family homes will begin construction to meet the ever growing demand for housing.

The purchase of a home continues to be a top priority for many Americans. There is no doubt that the US housing market is undergoing a shift, but a housing bubble is unlikely. Housing dynamics remain strong as high lending standards continue and depressed housing stock remains low. Locally prices have risen but remain affordable as the average sales price hovers around $200,000 well below the national average of $400,000.

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