Dec 2022 Market Update

Similar to weather, real estate comes and goes in seasons.  Historically, residential inventory is low during winter months relative to the rest of the year.  With this being said, we are starting to see a lot more activity and expect Spring to bring a lot of inventory.   

Year-over-year, Washington County has seen prices increase and continue to increase due to strong demand.  If a property is priced and presented well, we are seeing multiples offer scenarios with properties just listed.  Many sellers are positioning themselves on the sidelines and waiting for the right property to hit the market, pouncing on any opportunity.   However, with rising interest rates and prices continuously rising, buyers are losing buyer power and are starting to become creative with offers and financing. 

In December 2022, a total of 97 residential properties were sold in Washington County.  Compared to last year, the number of homes sold decreased by 49, a 33% decrease.  Median list price & median sale price both increased year-over-year by 20.97% and 6.41%, respectively.  In addition, the average number of days on the market was 28 days, a 2-day increase year-over-year.  The sales/list price ratio in December 2022 was 98.74%, 0.4% lower than the same period last year.  *To avoid any confusion, please see below for definitions on real estate terms and lingo.