Fall Real Estate Market Forecast – Summer is almost over, which means fall is right around the corner. And while there’s no guarantee, it looks like the housing market may turn a corner as well—at least slightly.
According to a recent article from realtor.com, many experts expect that, while the fall buying season will be competitive, it won’t be quite as frenzied as the spring or summer.
One indicator supporting that projection is the pace of price growth. According to the article, the national median home price hit $385,000 the week ending August 14 (the highest on record). That price represented a 8.2 percent increase year over year—a definite increase in price, but significantly less than the 17.2 percent increase from April 2020 to April 2021. Inventory is also starting to increase (according to data from the National Association of REALTORS®,1.32 million homes were available for sale in July 2021—a 7.3 increase from June)—and the more inventory is available in the fall, the easier the home search process will be for buyers.
However, these statistics are a “national” view. Local numbers show you exactly how the market is doing in your specific area. And as your local neighborhood agents, we would be happy to provide you with the statistics for your town. Simply reach to us by phone/text/email.
Here is an example of the local real estate market for Rohnert Park, CA.
So, what does this mean for you? Whether you are planning on buying, selling (or both) this fall, this may be the perfect time. There’s no denying that fall is shaping up to be a competitive season for real estate (so still great for sellers)—but with slowing price growth and increasing inventory, it could prove to be less competitive than it has been for quite a while (making it a more desirable time for buyers, compared to the past 6 months).