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It’s time for a housing market update in Rowlett, TX, where January 2023 has seen some interesting developments. For starters, the average sales price in the area is $432,000, a 2% increase from the previous month. This signals that the market is still competitive, with home buyers willing to pay top dollar for properties in the area.
However, the number of properties sold in January 2023 dropped by 40%, due to a combination of seasonality and rates. With fewer homes being sold, it may seem like a buyer’s market, but the sales price to list price ratio was 98.4%, showing that sellers are still able to command close to their asking price.
Another factor to consider is the average number of days on market, which has increased by 19% to 54 days. This could be due to sellers listing their homes based on outdated comparables, leading to longer periods of time on the market. Despite this, the Rowlett housing market still falls under a “seller’s market” classification, with a months supply of inventory at 3.3 months, a 33% increase from the previous month.
So, what does this mean for potential buyers and sellers in Rowlett, TX? For buyers, it could be a good opportunity to negotiate with sellers, who may be more willing to come down on their asking price in light of the longer days on market. On the other hand, sellers should be mindful of current market conditions and list their homes appropriately, taking into consideration the most up-to-date comparables.
In conclusion, January 2023 has seen a mix of developments in the Rowlett housing market. While the average sales price has increased, the number of properties sold has decreased, leading to longer days on market and a higher monthly supply of inventory. As with any real estate market, it’s important to keep an eye on current trends and adjust your strategy accordingly. #closedbyclough
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