January has felt like a shift in the market with more buyers showing interest in engaging in the market.
Looking at January's data year over year may not immediately reflect this, but keep in mind that January 2022 was an unusual market and it might make more sense to look at January 2023 compared to pick up any small trends.
Looking at year over year data, January 2023 looks a lot weaker than January 2022 - months of inventory is up by 2.3 months to 2.7 month, days on market sits 47 days higher, pending sales are down 17% and median house price shows the largest drop since July 2011. Median house price now sits at $450,000 which is a decrease of 6.3% over last year (this varies by county with Bastrop county showing the steepest decrease of 7% and Hay's County showing an increase of 7%).
However. Compare this to December 2022 and the data shows that days on market is pretty stable (76 vs 73 days), pending listings increased 32.4% and new listings increased by 63.4%. This indicates that sellers see an opportunity in the market and buyers are more active.
If you're looking to buy - there is still a lot of inventory in the market and there are incentives to help you buy your home now - while rates are high, sellers often contribute towards rate buy-down and many lenders are offering free re-financing within three years.
If you're looking to sell - pricing your property right is as important as ever. Want a researched evaluation of your home based on comp data? Reach out to us, we'll be happy to provide a free analysis! Or sent us your address here to get the process started for your free home evaluation.
