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Today, we'll discuss the real estate market in York County and Cumberland County. Is it a buyer's or seller's market? What does the current inventory look like? How does inventory affect home value? What are interest rates doing?
In York and Cumberland, we have sold more homes year-to-date compared to 2014. Right now, we have a little over 3 months of inventory, placing these two counties in a seller's market. Inventory is down from 2014, but the homes that sell quickly are in good condition. Homes that show more wear and tear are still on the market.
Home values have gone up in both counties this year. In Cumberland, the median sales price for 2014 was $245,000. Today, the median sales price is $249,990. In York, the 2014 median sales price was $214,900. Now, the median sales price is $225,000. Meanwhile, interest rates are still hovering around 4%. Some government programs even offer rates around 3%!
What does all this mean for you? If you've been thinking about selling your home, now is a great time to do so quickly and for top dollar. It's also a great time to buy! You have to pay for housing anyway, so why not make an investment in your future and lock in a low rate?
If you have any questions for me, give me a call or send me an email. I would be happy to help you!
