Capital Region Real Estate Market Prices Continue to Rise

According to the latest market report, the Capital Region real estate market experienced further price increases for single-family homes. The median sales price rose by 3 percent compared to last year, reaching $287,250 in May. This upward price movement highlights the persistent demand for homes in the area. REALTORS^® remained busy, with more than 26,000 showings taking place last month and 1,318 homes being listed for sale, which is a 20 percent decrease over the previous May.

Pending sales decreased by 9.4 percent compared to May 2022, totaling 1,094 transactions in process, indicating slower than usual movement in the Spring season attributable to the lack of inventory which decreased by 6 percent in year over year comparison to 1.6 months of housing supply on the market impacting closed sales which also saw a significant decrease of 18 percent, at 783 sales for the month.

Prices and interest rates did not daunt those seeking newly built homes. Impacted by the lack of existing home inventory for sale, new construction sales prices continued to rise, hitting a new high for the Capital Region at a median sales price of $600,000 with 125 new listings, 51 sales pending, and 49 closed last month.

As the real estate market continues to face challenges, industry experts recommend that prospective buyers and sellers work closely with experienced real estate professionals to navigate the market dynamics effectively. With expert guidance, buyers can find suitable properties, and sellers can position their listings competitively to attract potential buyers.