Home prices aren’t rising as drastically as they were; however the number of units sold is way down. Why? Here’s one reason: homeowners do not want to give up locked in low interest rates for a more expensive home with much higher interest rates. That means less inventory for buyers. Let’s take a look at the numbers; I’m using the primary zip code of 64113 for this report:
| April 2023 | april 2022 | |
|---|---|---|
| Median list price: | $519,000 | $479,950 |
| Median sales price: | $516,000 | $500,000 |
| No. of homes sold: | 17 | 35 |
| Days on market: | 3 | 2 |
Prices are up just over 3% compared to one year ago, and most buyers are paying slightly under list price. Notice the number of units sold–50% fewer than April 2022. Lack of inventory and higher interest rates contribute to fewer homes selling. Now let’s look at year-to-date figures:
| January-april 2023 | january-april 2022 | |
|---|---|---|
| Median list price: | $550,000 | $499,000 |
| Median sales price: | $537,250 | $529,250 |
| No. of homes sold: | 62 | 84 |
| Days on market: | 7 | 3 |
So far home values are up 1.5% compared to 2022. Most homes are still going under contract quickly and yes, there are still some bidding wars. Currently there are 12 single family homes for sale in Brookside, with a median list price of $789,450 and 31 days on the market. Most of the houses are priced well over $500K, including 4 over $1,000,000.
(All stats taken from Heartland MLS; deemed reliable but not guaranteed.)
Inside Brookside (And Waldo) 