We’re halfway through the summer here in Scott County, and we wanted to give you a quick update on how the real estate market is looking and what you can expect from it as the year progresses.
As far as inventory is concerned, not much has changed since our last update. We still have very few homes for sale, especially in the $300,000 and below price range. For homes priced above $400,000, the market is a little more balanced.
The average days on market has dropped since last year, and homes are now selling in an average of just 33 days. At the same time, average sale prices continue to increase by about 5% annually.
With such low inventory, new construction has been on the rise, particularly in the $400,000 to $600,000 range. We’ll continue to see increased inventory in this range, too. We met with some builders recently and they told us that they will keep building as long as inventory is low and demand is high.
If you have any additional questions about our real estate market or you’re looking to buy or sell a home in Scott County, give us a call or send us an email. We would be delighted to hear from you.