Top 3 Real Estate Market Trends in Alleghany County - June 2020
The weather is heating up and so is our real estate market! Check out the June market update:
What do these numbers mean?
It's important to note that nobody can definitively say why the market acts a certain way. However, I have analyzed and compared our current market with last month and last year's market to formulate the following opinions:
1. More homes are selling than usual
18 homes sold between 5/15-6/15, which is 64% more than May and 23% more than 2019's monthly average. Buyers seem to be plentiful and ready to buy.
2. Buyers are looking for larger homes
Average heated living area is currently 2,050 sq. ft., which is a whopping 51% increase from May's 1,359 sq. ft. and a 9% increase from 2019's average of 1,882 sq. ft. In my recent experience, buyers are looking for homes big enough to accommodate their extended family in these uncertain times. Retirees are looking for a place that will house their children, in laws, and grandchildren, and young couples are looking for homes with extra space for their parents. Separate living spaces with their own kitchens are very desirable right now.
3. Buyers have larger budgets
Buyers spent an average of $233,467 within the past month, which is up 68% since May's update, and up 10% compared to 2019's average. However, this doesn't necessarily mean buyers are willing to pay more per square foot. While price per square foot did rise $10 from May, it's right on par with 2019's average of $117.
The bottom line
If your home is 2,000+ sq. ft. and you've tried selling before to no avail, now is the time to try again!
I offer several unique listing techniques to get your home sold quickly for top dollar. Email me at email@example.com with the subject line "CMA" and I will provide you with a free comparative market analysis so you can see what your home is worth in today's market - no strings attached.