According to Realtor.com, the growth rate of home prices is declining, but homes are still selling fast. In April, home prices were up 17% from 2020, in May, home prices were up 15% – a 2% decline from April. The typical home spent 39 days on the market – 32 days less than in May 2020. As we approach summer, buyers are moving even more quickly to get into new homes. Redfin reports that 58% of listings are under contract in two weeks, while 45% go under contract in just one. The real estate market is not expected to slow down anytime soon as mortgage rates continue to be low.
In May, The Realty Group Team helped 10 families buy homes and 2 families sell their homes! With a total value of those homes being over $2,418,887!
If you’re looking to get into your dream home just in time for summer, The Realty Group Team is here to help! Call/Text Teresa Grant at (434) 546-3202 today!