As we embark on 2025, the real estate market’s trajectory remains uncertain. The interplay between the Federal Reserve and the new administration regarding interest rates will likely be a key factor. Whether rates rise, fall, or remain steady will significantly influence market dynamics.
A look at January’s data reveals some interesting trends:
-
This January saw 36 residential property sales, compared to 51 last year. This decrease likely stems from historically low inventory, currently at just 185 properties.
-
Perhaps most striking is the continued surge in median sale price. From $425,000 last January, the median price has jumped to a remarkable $707,500.
-
This increase is largely attributable to the significant number of high-end sales. Of the 36 properties sold this January, 13 (36%) were over $1 million, with over half of those being cash transactions.
Whether increased pressure on the Federal Reserve to lower interest rates will lead to increased inventory and greater buyer participation remains to be seen.
Regardless of whether you’re buying, renting, or selling, navigating the current market requires careful consideration. We wish you the best in the months ahead.
