Fall Real Estate Market Expected to Be More Buyer Friendly
Summer is almost over, which means the temperatures are about to cool off. And while there’s no guarantee, it looks like the housing market may cool along with it. With the fall real estate market, most are expecting the fall market to be more buyer friendly. This will help to “balance” our market. I feel sure this will happen in our local Gainesville FL market also.
According to a recent article from realtor.com, many experts expect that, while the fall buying season will be competitive, it won’t be quite as frenzied as the spring or summer.
One indicator supporting that projection is the pace of price growth. According to the article, the national median home price hit $385,000 the week ending August 14 (the highest on record). That price represented a 8.2 percent increase year over year—a definite increase in price, but significantly less than the 17.2 percent increase from April 2020 to April 2021. Inventory is also starting to increase (according to data from the National Association of REALTORS®,1.32 million homes were available for sale in July 2021—a 7.3 increase from June)—and the more inventory is available in the fall, the easier the home search process will be for buyers.
We’re keeping track of the local market stats each month. Here’s the full monthly history of our market stats.
So you can take a look at the August 2021 Real Estate Market Report.
So, what does this mean for you? There’s no denying that fall is shaping up to be a competitive season for real estate—but with slowing price growth and increasing inventory, it could prove to be less competitive than it has been for quite a while.