Housing Market Looking “Normal”

By September 22, 2013Traditions Property Blog

Those who are interested in looking at property sales might be feeling a bit of relief right now. For the past five years, the housing market has been a stressful place to navigate. Between applying for mortgages, sorting through foreclosures and short sales and considering the endless other aspects of property sales in Jacksonville, a weak housing market has kept some people from searching for a new home. With signs pointing to normal, more people may finally start the property sale process—something that could potentially give the housing market another positive boost.

Normalcy is always subjective, but never more so than when concerning the housing market. Property values will always fluctuate, but it is the reason why those values are fluctuating that causes many experts to consider if they are normal or not.

In recent years, property values have been driven by housing debt and inventory shortages. This caused property values to drop suddenly and for buyers and lenders alike to become incredibly cautious with the investments they’ve made. A normal market is driven by market demand. Over the past several years, the trend of market demand driving property sales has been on the rise once again. This has given many experts hope that the housing market is once again on its way to a healthy state of being.

What does “normal” look like?

The median housing price across the United States right now is $199,000. Over the past year, more people are staying in their homes—which means the influx of people who jumped into the housing market at the first sign of recovery have come and gone for the most part.  On average, properties are selling within three months of being on the market.

Each of these statistics offers great news for those who are looking to buy or sell property. If you are ready to start thinking about your own property sales, contact us.