Bi Ayers

The real estate market ran on high octane fuel during the month of March. Houses moved at a rapid pace and competition increased.

March brought 72 new listings to the market — the most new listings since June of 2021 — and those listings didn’t last long. The median days on market was just six days. Of the 72 houses that went pending in March, 38 of them lasted less than a week. The reason for the high average days on market was a few houses that had been on the market for over 100 days went pending, which skewed the average.

After a four-month period of declining sale prices, the median sale price in March rose to $275,000, which matched the median list price. As the real estate market continued to gain steam in March, buyers were often competing with multiple other buyers for the same house and that increased competition drove the median sale price higher.

Interest rates continued to rise in March, which ended the month at 4.50%. The rising interest rates also helped drive demand as buyers wanted to capture the lowest possible rates. We are expecting interest rates to continue to rise marginally as the federal reserve continues to try and combat the inflation we’re seeing across the economy. It’s hard to say at what rate buyer activity softens, but historically, 4.50% is still low and buyer demand remains strong.