As you might expect, the summer market is beginning to heat up.
Average prices are up over 3% from last month and the number of homes available has also jumped by more than 100 homes in the West County area (Ballwin, Eureka, Chesterfield, Ellisville, Manchester, Fenton, and Wildwood).
Average prices going up is good news for Sellers, meaning more money in their pockets. Increase in the number of homes available is good news for buyers because they’ll have more options available to them.
I expect to see continued strength in the sales prices through the summer, however the Federal Reserve has mentioned increasing rates (which translates into higher mortgage interest rates). As mortgage rates begin to rise, affordability will be constrained as mortgage payments begin to also rise. I wrote another post explaining the impact on interest rates here.
If you’ve been thinking of selling, see how the market has impacted the value of your home by requesting a free home valuation here.