In the first three quarters of 2022, each micro-region saw a decrease in the number of single-family homes sold year over year. While some micro-regions have continued to see slow growth in median price, other micro-regions have started to see a decline in pricing. The combination of the decline in sales volume and the shifting of price indicate that market activity is slowing. The expectation is that median price will follow but is slower to react, as sellers still aim for the pricing the market was garnering in the first half of the year. Increased interest rates may also impact buyer activity. Most significantly, we see a noticeable lack of urgency, in stark contrast to the buying frenzy of COVID years, as people continue to watch the market and economic indicators. Buyers who have been sitting on the sidelines may find their opportunity to take advantage of their new leverage.
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View the graphs of sales volume and median price trends by micro-region by clicking the gallery images below.
Source: Tahoe Sierra MLS and Incline Village MLS