Score Your Dream Home Houses Selling Fast Now
If you're eager to score your dream home amidst today's fast-paced real estate market, you'll want to browse options and seize the opportunities before they're gone.
Understanding the Current Housing Market
The housing market is experiencing a significant surge, with homes selling faster than ever. This rapid pace is driven by a combination of low mortgage rates, increased demand for more spacious living due to remote work trends, and a limited supply of homes. According to the National Association of Realtors, the median existing-home price for all housing types in September 2023 was $394,300, a 15% increase from the previous year1. This data highlights the competitive nature of the market, making it crucial for potential buyers to act swiftly.
Why Homes Are Selling Fast
Several factors contribute to the rapid sale of homes. Firstly, historically low mortgage rates have made homeownership more affordable, encouraging more people to buy. As of October 2023, the average rate for a 30-year fixed mortgage was around 3.1%2. Secondly, the pandemic has shifted priorities, with many seeking larger homes with dedicated office spaces. Finally, the inventory of available homes remains low, with a 2.4-month supply, well below the 6-month supply considered balanced between buyers and sellers3.