Your Market at a Glance
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The chart above shows the average sale prices from 2019-2021. As you can see the average home price continues to increase in the double digits each year. Comparatively the average sale price in the US spiked to $408,800. The rate of increase last year was just under (~1%) the increase from 2020.
Months supply of inventory is defined as the number of months it would take for the current inventory of homes on the market to sell given the current sales pace. It basically asks the question:
"If no new homes were put on the market how long would it take for the current inventory to disappear?"
A "normal" market is usually defined as a market that has roughly 6 months of inventory and comes with normal price appreciation. If you compare that to the 2021 figure below of 1.1 months it will help you to understand why prices are increasing so quickly and why homes are moving so fast.
Three Years Average Sales Price by School District