Real Estate Market Update
If you have seen the news lately you have noticed that the Fed is raising interest rates. Current interest rates for a 30-year fixed-rate loan are up to 5.11 %. We started 2022 at around 3.56%. This means for the current home buyer that you are now paying an average of $86 more a month on a $100,000 loan. While interest rates are still historically low, this could help the market slow down some. Many websites predict that housing prices will peak in May and then start to level off.
Let us talk about our local Branson 2022 Real Estate Market so far.
Single Family Homes Market.
January had 51 home sales with an average price of $333,726.
February (always a slow month) had 39 sales, dropping sale prices down to an average of $321,205.
March, picked back up with Branson spring breakers in town, with 44 sales. The average home sale to $333,382.
Condo Market.
January had 58 condo sales with an average price of $215,930.
Surprisingly, February stayed steady with that number at 57 condos sold at an average $213,956.
In March, there were 85 sold condos at an average of $273,554.
Based on the average sale price, Single Family homes have not seen a jump this year so far, but Condos in the area are seeing a much higher sales price. I would attribute a lot of that to those who buy condos for enjoyment and investment (nightly rental).
(Statistics are for the city of Branson. Does not include Hollister, Branson West, Blue Eye, Ridgedale, or Indian Point. If you would like specific statistics for one of these areas, we will be more than happy to assist you with those.)