Rockwall Housing: January 2023 Report

January 2023 in Rockwall County showed a mix of good and bad news for the housing market. The average sales price remained unchanged at $477,000, but the number of properties sold decreased by 39% to 100. This could be due to the season and higher interest rates.

The good news is that the sales price to list price ratio remained constant at 97%. This shows that sellers are getting close to their desired price, and buyers are still willing to pay top dollar. As demand increases, we expect multiple offers.

However, the average days on market rose by 28% to 74 days. This is because sellers are listing homes based on old comparable and the market is slower due to seasonality. But, this gives buyers more time to consider their options and make informed decisions.

The months supply of inventory reached 6.05 months, which makes Rockwall County a buyer’s market. Buyers have more negotiating power and a wider range of options. That being said, a good amount of this inventory is new construction. Builders are reporting increased traffic due to price decreases and massive incentives! With sales numbers like this, we expect these incentives to go away, timeline is yet to be determined.

For buyers, this is a great time to negotiate and find the right property at a fair price. For sellers, it’s important to price homes accurately and make updates to stand out in a crowded market.

Overall, Rockwall County remains a good option for both buyers and sellers. With the right strategy, anyone can achieve their housing goals in this dynamic and evolving market. As we head into what is looking like a busy summer, make sure you work with someone who knows the ins and outs of Rockwall Housing. #closedbyclough

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