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Market Overview: January 2023

Percent changes calculated using year-over-year comparisons.

New Listings were down 13.9 percent for single family homes and 13.2 percent for townhouse-condo properties. Under Contracts decreased 1.8 percent for single family homes and 14.7 percent for townhouse-condo properties.

The Median Sales Price was down 1.4 percent to $569,804 for single family homes and 0. 1 percent to $399,950 for townhouse-condo properties. Days on Market increased 140.9 percent for single family homes and 95.2 percent for townhouse-condo properties.

As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.