We will start with interest rates.
Our interest rates are still below 3% at 2.98% with .6% .
So let’s dig into the data for June and see how the market performed.
For this local market data, I use numbers from single-family home sales in Rockwall County. These numbers are based on sales data from June.
The average sales price is at $440,400. That’s a 20.6% increase from one year ago.
The number of homes for sale is at 261 homes. We are down 54.8% in the number of homes available to buy in Rockwall County.
Rockwall County had 274 sales in June, a 2.5% decrease over last year.
Homes sold 83.8% faster in June than they did last year, and we averaged just 6 days on the market.
Our months of inventory went up just a hair from .9 months of supply in June to now having 1.1 months of supply. This number tells us that based on current demand, if no new listings came on the market, it would take just about three weeks for all of the current inventory to be purchased. We listed 312 homes in May which is .3% more than last year.
Our average sales price per square foot is at $170 per square foot, a 27.8% increase from last year.
There might be some light at the end of this tunnel for buyers! Our supply is increasing which should help soften the run up in pricing we’ve consistently seen lately. Another interesting indicator of what’s to come, our real estate photographers are busy again! We might even see more of a softening in the upcoming months as the typical buying season starts to come to an end as folks aim to be settled in their new home by the time school starts.
As always, if you’re curious to know what your home could sell for, let’s talk. Visit LivingInRockwall.com and click on the equity analysis button to see what your home could sell for in today’s market.
Jennifer Shannon is a Texas real estate agent and broker, licensed since 2006.