2 min read
January 21, 2020
How do I learn about current market trends for houses in my area?
Getting to know your local housing market just takes a bit of research.
A great resource for looking at market trends in your area is https://www.rockethomes.com/real-estate-trends
We break down how to analyze the data on this site below.
Once you get to the website, type in the city for which you are interested in learning more about the market trends.
First Section shows you the median house price and how much that amount has increased or decreased since last month. This gives you an idea on whether housing prices are increasing or decreasing in the area and the average rate at which this is happening. Below shows that houses in Carrollton have increased 1.5% in listing price and the median cost for a house has also increased.
The next section shows you the least expensive, median price, and most expensive house currently listed in the area.
Next we have what the average price is per bedroom count as well as average price compared to nearby cities.
The next section breaks down the number of homes for sale currently compared to the previous month. So in this example there are more houses being listed since last month and most of those are 3 bedroom homes.
The last section is very important, it shows you the average days a house is on the market. This gives you an idea on average how long it will take once you put your house on the market for it to go under contract. Once under contract factor in another 30-45 days for closing.
The last section shows you houses that are currently for sale. It is always good to browse these listings so you have an idea of what current houses being listed look like and what type of updates the owners have done prior to listing.
In conclusion: Market trends are great to look at when you are considering putting your home on the market. It gives you an idea on what houses are currently selling for and how long it is taking. As well you can see what type of updates you might need in order to compete with those homes.
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