New Development in Riverbirch, Tons of Building Permits Approved - Sanford NC November 2023 Market Update
Stay Ahead in Sanford's Evolving Real Estate Market
As the leaves change, so does the real estate market in Sanford, North Carolina, and we at Sanford Surrounded are committed to keeping you in the loop. Our recent deep dive into the local market reveals a landscape filled with opportunities for savvy buyers and sellers alike. In this latest update, we unpack the current trends, including the surge in new construction and what this means for the market.
Active listings in Sanford have almost doubled from last year, primarily due to new construction, which is a recurring theme in our market analysis. An interesting trend we’ve spotted is the increase in home price reductions. This isn’t a red flag but rather an adjustment by new builders setting their sights on Sanford’s potential. Initially set at ambitious prices, these homes are now finding their market fit, evident by the average listing price settling at $354,000.
Experts are optimistic about home price appreciation, and we share that sentiment for Sanford and its surrounding areas, predicting an even stronger outlook than national projections. The topic on everyone's mind, however, is mortgage rates. Although rates have risen from the historical lows of the past few years, putting them into the context of the last 50 years offers a more comforting perspective. We’re expecting rates to normalize around 5.5% by 2024, providing a stable environment for home financing.
The influx of new listings has been healthy, a testament to the robust activity from new construction. This leads us to the speed at which homes are selling – fast. The average time from listing to closing is now 46 days, signaling a strong seller's market. Builders are strategically releasing inventory, keeping the market balanced and preventing any shift towards an oversupply.
So, what does this mean for you, whether you’re looking to buy or sell in Sanford? The market remains strong and resilient, with properties moving quickly, yet there are strategies to find advantageous positions, particularly in new construction. Sanford's growth is palpable, with major projects like the River Birch development poised to boost property values in the West Sanford area.
If you're considering a move, the key is a tailored strategy to fit your unique situation. We invite you to join our VIP list to get exclusive early access to our listings before they hit the mainstream platforms. Connect with us, and we’ll ensure you have a competitive edge in this vibrant market.
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