Snapshot of the IE Real Estate Market. What You Need to Know.

There's no doubt the current real estate market is unique. Interest rates have increased yet there's still buyer activity.

At the same time, there is a shortage of inventory. Higher interest rates have those with lower interest rates or no mortgage holding tight to their homes.

The lack of inventory has added some challenges but nonetheless buyers are still on the hunt for a home. The homes that are in a desirable location, are priced right, and in good condition are generally getting multiple offers.

In addition, there are opportunities for buyers to get a great deal through builder incentives or seller concessions, as applicable.

Here is a breakdown of the real estate market numbers.

• Days on Market was 13 days.

• Median Sales Price was $599,000.

• List Price vs Sold Price was at 100.00%.

• Top 10 cities in the Inland Empire with the highest sales volume per city.

Is your home located in one of these cities?

Source: IVAR's Housing Data Report for September 2023.

With mortgage rates where they are at, do you think current home prices are sustainable? The lack of inventory is keeping home prices up. What will it take for homeowners to want to put their home on the market? Leave a comment!

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