June Market Update

June 21, 2022

So here's the thing with gas prices: just because it gets more expensive does not mean people are going to stop buying it. They're just not going to buy as much. It’s the same way with houses. As the cost for money gets more expensive because of rising interest rates, it doesn't mean people are going stop buying houses, it just means that they might tailor their budget for their house just a little more.


It's June and what that typically means is those summer prices for real estate are some of the highest that we see throughout the year. Why is that? It’s because the most amount of buyers get into the market trying to buy homes before school starts. What we're also seeing is that the lack of inventory is causing sale prices to rise. 

But we're actually also seeing that the number of sales is actually less than it was last year. Why is that? It's not because people just stopped buying houses because interest rates are rising. It's actually because there are not as many homes for sale for those buyers to buy. 


We're also seeing that in the higher price points, some of those buyers are starting to buy in those lower price points because of rising interest rates. That might mean that if you have a luxury house, time on market may be a little bit more extended than you realize.

So what does this mean for sellers?

It may mean that those offers on your property, you may not see 14 offers. You might see two or three simply because, not that buyers aren't buying, you might not have as many in your price points if you're in the luxury market. If, however, you're in some more median price points, you're still going to see very strong activity on your house. 


Now, let's get into the numbers for what's happening in Connecticut, Massachusetts, Rhode Island and Florida. 

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