The Beaumont Board of Realtors just released the November housing reports.  Here's a look.  

Key takeaways:

There is a transition that is happening.  As a home seller or buyer you need to be aware of this change. 

• Inventory, the number of homes for sale, is increasing at a significant rate.
• Homes that are selling are predominantly in the under $299,900 price range.
• The number of days a home is on the market is starting to increase.

We have been in an unusually hot real estate market for the past 18 months.  The market is starting to transition back to a more normal real estate market now.  That is a good thing.  Keep in mind a balanced market has about a six month supply of homes for sale.  We still don't have that.  Currently, we have 3.7 months.  

With interest rates reaching new highs, the buying demand has cooled significantly.  What does this all mean for the Beaumont housing market?

Sellers need to know the current home values.  They aren't the same as your neighbor's home that sold six months ago but they are still higher than they were two years ago. 

If you have questions about the Southeast Texas real estate market or your home's value in the current market, let's connect.  

Sincerely,

Diane