Here's the scoop on the local real estate market in the Shoals
What is happening in the Real Estate Market right here in the Shoals? I get asked that question more than anything else.
Some of the specific questions people are asking right now: are we going to see a crash? What should I do with my home? Is now a good time to sell?
It can be confusing with the constant changes in the market to know what will be the best decision for your family. I’m here to help. I am in this market every day, helping my clients to buy and sell homes. When answering these questions it’s always a good idea to look at the data.
As of June 3rd, there are 238 homes listed for sale in all of Colbert and Lauderdale Counties.
Muscle Shoals: 34 active listings. 32 median days on market. $362,450 median sales price.
Florence: 50 active listings. 17 median days on market. $267,000 median sales price.
Tuscumbia: 32 active listings. 50 median days on market. $322,450 median sales price.
Sheffield: 12 active listings. 53 median days on market. $92,500 median sales price.
So, as you can see, inventory is increasing. We are seeing a few more homes hit the market this summer. But, buyer demand remains strong.
The market is very volatile right now. We aren’t seeing quite as many offers as we were just a couple months ago. And, prices are not being bid up as high.
It remains a good time to sell because interest rates are expected to continue to go up and that is the reason for the sudden shift in the market. Remember, as interest rates increase, buyers have less buying power and will have to purchase a home that is less expensive to make up for the difference in interest rates increasing.
Feel free to reach out at no cost or risk for a hassle-free strategy session. I’m looking forward to hearing from you.
Just Don’t settle for less. Call Chase Gallimore.