How is the housing market?

How is the housing market is the question I get asked the most often. Real estate is local and my answer will vary by neighborhood. In general prices are trending upward and the inventory of homes on the market remains low. There was a 3.3 month supply of houses on the market as of October 31.  I believe that the low inventory will be the new normal due to demographics. Older people are less likely to move and our population is aging. At the same time we have a huge generation of people who are at the prime age to be first time home buyers.

As for home prices. I wonder how high they will go and still be sustainable. Perhaps an upcoming interest rate increase will cause prices to plateau a bit.

Here is St. Paul as we near the holiday season I am noticing that some homeowners are just taking their homes off the market. Homes that are not on the market rarely sell. For those who might want to try something a little different or who have taken their homes off the market consider listing that house with me in January or February.

 

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