October 2019 Market Update

AVERAGE SALES PRICE UP NEARLY $6,000!

There is a common misconception that the market slumps in the winter months. The graph above (from InfoSparks) goes back to 2016. Show me where you see a slump! Sure there may be one month down or even, but then it goes right back up again.

Just to give some perspective, I started in real estate late in 2013. The market was down, maybe not quite the bottom, but still down. The average sales price in Lewis County at that time was around $136,000. Today, it is sitting at $273,000. I have literally seen home values DOUBLE since I began.

Looking back at all the stats on record, the average sales price has never been this high. Not even during the boom prior to the recession. The good news is that purchasing a home today might seem like a really high price, but if the average is going up 6k every month, you are building a ton of equity fairly quickly. With low interest rates, it’s still a great time to buy. With prices at this level, its a great time to sell! The stats tend to agree.