The Barnstable County real estate market in January 2023 showed some notable shifts compared to the previous year. The median list price for homes in the area dropped from $850,000 in 2022 to $799,000 in 2023. This decrease may indicate a softening of the market or a shift towards more affordable housing options. However, it's important to note that the median price can be influenced by a wide range of factors and may not fully reflect the state of the market.
Despite the drop in median price, it's worth noting that only 74 out of the 233 listings sold were under $500,000. This suggests that the market is still largely focused on higher-end properties, which may limit options for buyers seeking more affordable homes. However, the increased number of listings in January 2023 compared to the previous year could indicate a growing inventory of homes and a more diverse range of options for buyers.
One factor that may be contributing to the slower sales of homes in Barnstable County is the significant increase in days on the market. In January 2023, homes spent more than twice as long on the market compared to the same period in 2022. This may be due to a number of factors, such as higher inventory levels or changes in buyer behavior. However, longer days on the market can also be a sign of a less competitive market, which may benefit buyers.
Overall, the January 2023 real estate market in Barnstable County showed some notable changes compared to the previous year. While the median list price dropped and the number of listings increased, the market still appears to be largely focused on higher-end properties. However, the increased inventory levels may offer more options for buyers, and the longer days on the market could indicate a more buyer-friendly environment. As always, buyers and sellers should consult with real estate professionals for more detailed insights and advice specific to their individual circumstances.
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Best wishes, Heath & Holly Coker
Heath Coker, Associate Broker
508-548-8888 c (Android) / 508-274-5613 c (Apple) / 508-540-9800
Holly Coker, Senior Sales Associate, 508-274-5612 / 508-540-9800
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