Скачать или смотреть Johnson & Burge Market Update 1-6-23: Is this a balance?

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I'm Jeremy Caleb Johnson from Johnson & Burge at Long & Foster Real Estate. This is your Johnson & Burge Market Update.

Real estate continues to be a hot topic on the news these days and many of those reports don't necessarily reflect what's going on in our regional and local markets. We've said it before -- and we're saying it again -- the state of our real estate market isn't what you see on the news. It is what's happening in our own back yards.

Long & Foster's President Boomer Foster recently shared that, nationally, the number of homes sold next year is projected to be down 6.4%, whereas home sales in the Mid-Atlantic will fare a little bit better with only a 4.6% decrease. (You may want to look back a few videos and see what we have to say about new construction and how that is affecting the real estate market.)

So we're going to see a small dip in the mid-Atlantic next year. But despite seeing a decrease from those outlier years of 2020 and 2021 where more than 6.1 million homes were sold, economists project that 4.8 million homes will exchange hands in 2023. That is approaching the pre-pandemic "norm" of 5.3 million homes.

The balancing of supply and demand in housing is actually good news! Really! Locally, there were nearly 11% more homes for sale this November over last, and the median sales price increased by 2.4% during the same period. More homes for sale means more opportunities for buyers, and increasing home values means better equity positions for homeowners and home sellers. The national media will have you believe that the market is suffering, but what we see here in our own backyards is that the market is doing all right.

Remember, all real estate is local. Even hyper-local, and what is happening in one city in our region may not hold true in a neighboring city or even the next street over. It?s all about what?s happening in our own backyards.

Our team at Johnson & Burge doesn't buy into market gossip, economic hysteria, or suspect speculation. We trust the data. We follow the market. And we allow our expertise to work for you.

When you're ready to make a great move, we?ll be here to guide you.

I'm Jeremy Caleb Johnson, and this has been your Johnson & Burge Market Update. And, oh by the way, we are never too busy for your referrals!

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All contents are copyright © Johnson & Burge, a partnership brokered by Long & Foster Real Estate. Jeremy Caleb Johnson, Jennie Burge, and Jan Johnson are licensed in the Commonwealth of Virginia. Opinions are ours alone and do not reflect those of our employees, our employers, our clients, or other organizations with which we may be affiliated, either as volunteers or as spokespersons.

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