Maggie Foster is your Johnson County Real Estate expert.
They say timing is everything. But how does one time the ever-evolving real estate market? Especially with rising interest rates deterring home buyers from entering the summer season. We often look for clues from experts like economists or successful real estate leaders such as Barbara Corcoran, real estate real estate entrepreneur and star of “Shark Tank”.
Recently, Corcoran shared her point of view with Fox Business. She shared that sellers aren’t wanting to sell because of higher interest rates and there is a smaller pool of buyers because they are getting much less of a house than they expect. Corcoran predicts that once interest rates decrease, there will be a major change in the residential real estate market.
“It’s going to be a signal for everybody to come back out and buy like crazy, and the house prices [will likely] go up by 20%,” says Corcoran. “We could have COVID [market] all over again,” she says.
The Johnson County residential real estate market is ramping up. Look at our April 2023 statistics below. According to the Heartland MLS (April 2023), you’ll see an increase in Inventory at 5.6 percent in comparison to April 2022. There are more options for buyers this year over last year. The Average Sales Price increased by 9.6 percent since this time last year.
Source: Heartland MLS, April 2023
However, there are two sides of the same coin in real estate. Looking at the chart below, homes are staying on the market longer in April at 28 Days on Market Until Sale in comparison to 18 days in April 2022. In my experience, I do see more houses sitting a little longer on the market than what I saw last year. However, I am still seeing a great buyer demand, but less than what we’ve experienced over the past few years. The market is always changing and pricing homes is always a key component when listing a property.
Source: Heartland MLS, April 2023
Johnson County market update
This week in Johnson County there were 1083 active listings, and 1436 listings went under contract (Source: Heartland MLS, June 8, 2023).
About Maggie
Maggie is a ReeceNichols real estate agent and a third-generation realtor. It’s her passion to provide a professional and positive buying and selling experience to her clients. Maggie has been featured in Realtor.com, Apartment Therapy and in other publications. https://maggief.reecenichols.com/
Follow her on Instagram and Facebook for updates on the local market.
Our comment section is reserved for subscribers. Try a subscription today for just $1
Monthly Subscription
$1 for your first month, then just $8.50 per month thereafter. Cancel anytime.
Try for $1Annual Subscription
$1 for your first month, then just $85 per year thereafter. Cancel anytime.
Try for $1