Real Estate Market Update – February 2024

WBC Designated Broker, Cortney Adams, offers a quick break-down of recent market stats for February 2024. Keep reading to learn more!

• The market it is heating up as we head into the Spring!  This is typical as we have seen more properties becoming available and a few more options for would be buyers.  The downside for these buyers is there still is not enough available homes to keep up with the demand.
• Multiple offers are becoming the norm again and prices continue to rise in Multiple offers. This is normal for the Spring as property values generally see 90% every year’s equity gained occurring from March-July.
• Interest rates appear to be moving back into the 6’s% with the expectation of falling even more over the next 3-6 months.  Sellers are definitely in the driver’s seat once again as Buyers are going to need to put their best foot forward if they are going to get their offers accepted.