Don’t Expect a Price Drop in Home Prices in 2023
Expect an Increase of 1% in The National Median Next Year Instead
CURRENT MARKET
While elevated rates, sluggish sales, and high inflation have taken a toll, it’s unlikely home prices will drop next year. In fact, we may see a further uptick; home prices are holding steady for most parts of the country since inventory is extremely low.
MORTGAGE RATES
Housing inventory is about a quarter of what it was in 2008, with distressed property sales at just 2% and nowhere near the 30% mark seen during the crash. There are signs that mortgage rates have topped out at 7%. One example is the October consumer price index, which shows inflation is rising less than expected.
This market report was created especially for you. If you are thinking of making a move to your next dream home or wanting to know your homes value, scan my new QR code!
Real Estate Market Report
Rockwood Homes Currently Listed
Rockwood Homes Currently Pending
PREDICTIONS
Home sales are expected to decline by 7% in 2023. However, 2024 is expected to result in a strong rebound, with a projected increase of 10% in home sales and a 5% increase in the national median home price. Prices should hold firm or marginally grow.
Plenty of potential buyers are still patiently waiting to enter the market. Talking with your neighborhood expert to develop a plan to stay ahead of the curve will result in the best sale possible. Call me today at 509.475.9075 to get the conversation started.
Rockwood Homes Recently Sold
Tanya Starkel and Keller Williams Realty are not in any way affiliated with Rockwood Home Owners Association, nor is this in any way an official advertisement or publication of Rockwood. © 2023 All rights reserved. This representation is based on sales and data reported by multiple brokers/agents to the SAR as of January 10th, 2023. Listings and sales may not be those of Keller Williams Realty. SAR does not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship. *Square feet rounded down to nearest hundred.
STATUS ADDRESS BEDS BATHS EST. SQ. FT. YEAR BUILT LIST PRICE LIST DATE SOLD PRICE SOLD DATE Sold 314 E 10th Avenue 2 3 2,026 2016 $765,000 10/24/22 $740,000 11/29/22 Sold 1911 E 24th Avenue 5 4 N/A 1971 $780,000 09/27/22 $790,000 11/18/22 Sold 1925 S Syringa Road 3 2 2,718 1938 $499,900 09/28/22 $507,500 11/10/22 Sold 2021 S Abrams Court 4 4 3,646 1965 $1,350,000 10/10/22 $1,200,000 11/09/22 Sold 2436 S Ivory Street 5 4 5,780 1978 $1,380,000 08/16/22 $1,370,000 11/02/22 Sold 1407 S Ballou Road 3 3 3,650 1950 $675,500 08/31/22 $628,500 11/01/22 Sold 520 E 10th Avenue 4 2 1,646 1947 $325,000 08/30/22 $325,000 10/28/22 Sold 1815 E Rockwood Boulevard 2 3 2,502 1973 $679,999 09/29/22 $690,000 10/25/22 Sold 1306 E 18th Avenue 3 2 1,580 1979 $369,900 08/09/22 $375,000 10/19/22 Sold 1121 E Overbluff Road 0 3 3,009 1937 $1,850,000 08/12/22 $1,850,000 10/18/22 Sold 831 E Rockwood Boulevard 5 6 7,924 1913 $2,500,000 08/28/21 $2,000,000 10/14/22 Sold 1707 S Rockwood Boulevard 3 4 2,868 1952 $499,950 07/29/22 $499,950 10/07/22 Sold 1720 S Upper Terrace Road 5 4 4,084 1924 $1,325,000 09/09/22 $1,425,000 09/30/22 Sold 1518 E 27th Avenue 4 3 4,410 1968 $575,000 05/31/22 $625,000 09/29/22 Sold 1527 E Rockwood Boulevard 5 4 3,470 1961 $800,000 08/18/22 $765,000 09/29/22 Sold 2012 S Overbluff Court 4 4 3,300 1992 $1,350,000 07/29/22 $1,280,000 09/29/22
STATUS STREET NAME BEDS BATHS EST. SQ. FT.* YEAR BUILT LIST PRICE Pending E 17th Avenue 4 3 2,100 1978 $485,000 Pending S Grapetree Drive 2 2 1,800 2017 $660,000
STATUS STREET NAME BEDS BATHS EST. SQ. FT.* YEAR BUILT LIST PRICE Active S Garfield Street 3 2 1,300 1925 $370,000 Active S Pittsburg Street 3 3 2,000 1971 $439,000 Active S Grand Boulevard 5 2 2,400 1924 $499,000 Active E 18th Avenue 4 3 2,600 1929 $515,000 Active S Crestline Street 4 4 4,200 1973 $798,000 Active E 18th Avenue 4 3 2,600 1907 $825,000
ROCKWOOD
Real Estate Professional
509.475.9075
www.AvenueStoneRealEstate.com
Follow us on: LEONARDO AND ANGELICA,
www.RockwoodHomeValue.com
Source: NAR’s Lawrence Yun
