October Market Update
The median home price in Kootenai County rose back up to $530K after a decrease in September. This makes sense considering that the number of homes for sale plummeted to only 373 (down from 506 in September). Low supply with consistent demand caused prices to jump a bit, including the total price per square foot, which bumped up slightly back to August numbers.
For a larger perspective, consider that the national average home price increased 13% from 2020 to 2021 (according to a Zillow report), which is a new record for year over year increase. Additionally, Keeping Current Matters estimates that home prices will increase at least 6% over the next year, which will cost homebuyers $3200 a year if they wait to buy.
So what does all this mean???
In my perspective and based on current market data- waiting out the market may not work. Supply is decreasing and demand isn't slowing. You may end up paying more for the same house next year.
Check out my video on "Advice for Buyers" to learn what you can do.