Know local market trends for 2019
Before you can get an effective handle on what your own local market may or may not do in the coming year, it could help to spend a few moments checking out trends nationwide.
Strong employment figures, rising wages and the predicted growth of the U.S. economy by as much as 5% may suggest a sunny 2019 for the housing market.1 Home prices in most metropolitan areas are also predicted to increase anywhere between 1.5% and 16% with Philadelphia, Tampa, Las Vegas and Los Angeles leading the pack.1
That said, what does the future hold for your particular area? And what could give you a better understanding of which way the market is trending? Check out the following helpful market indicators.
Rising home prices
This is one of the best indicators of how hot or cool a market is. Find out whether home prices have increased in your ZIP code and by how much. Compare prices over the last few years to get a better idea of how they are trending. You can start by exploring the prices of current listings at the Bank of America Real Estate Center®.
Fewer active days on the market
The question to get answered here is how long an averagely priced property spends on the market before it's sold. In a market that's heating up, a median priced property will typically spend fewer than 30 active days on market.
Increased construction activity
Just as it's a good barometer for the housing market nationwide, construction in your area is a good indication of a healthy market. Pay attention to new development as well as any demolition and renovation activity around your neighborhood, as they all may be signs of an upturn.
Busier real estate agents
If real estate professionals are receiving more inquiries from potential new clients, that could be evidence of which way the market is trending. Make a point of asking your local real estate agent about how often new leads are reaching out to them.