Prices coming down yet? Where's it headed in the next few months?

Land and houses?

Prices won't be coming down. There is still no inventory and more and more people are moving here. Eventually, as inventory starts to catch up the prices will begin to plateau, but they won't be coming down.

From my impression of talking to somebody selling their house/land, and a mortgage lender this weekend, prices are not coming down.

Obscene asking prices are a little bit settled down, but I don't think sellers are going to budge much on mildly overpriced homes.

I try to pay a bit of attention to it even though I'm not in the market. Some 2/1 or 3/2 1000-1300 sq foot homes in Northside were listed for $150k+ and ended up selling for something more modest but probably still a ton of profit in the last few months.

Is there a website that tracks inventory levels? I tried looking at redfin data center but I'm not familiar with it.

It looks like we have settled down a bit but it is still very much a seller's market. We had a surge in prices, kind of a blow off top, in the first quarter that was not sustainable, but whatever your house was comped at in Dec 2021 is about where it is now, maybe a little higher.

Are you seeing the same with land prices?

I haven't looked at land prices all year.

I went to a country place in Salado on 48 acres last summer that had an old 3/2 pier and beam home on it with two small stock ponds. It sold, cash, for just over $2 million dollars. That was the last time I was looking at a land sale around here.

I'm in the market for land, and I've been told to expect a market correction in 6 months to a year. Not huge price dips but small price decreases and more inventory sitting for longer.

I think that is probably right. It is already happening.

templeton said:

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I'm in the market for land

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If you know of someone willing to sell 12-25 acres in Belton, let me know! We need to build a school ASAP.

Main takeaways from what we've noticed in the market paired with historical trends:

- Interest rates are still low, relatively speaking. They will only go up from here.
- Market values are not going to decrease, they're going to increase
- A recession does NOT equal price drops

If you're holding out for either interest rates to drop, or prices to come down, don't. Now is the best time to buy.

If you're holding on to property to list later, don't. It is still a seller's market, and while homes are taking a LITTLE bit longer to sell, they're still selling. The market is getting closer to equilibrium. This is good news!

Happy to help anyone in the market. Contact info in profile.

At least in the short term interest rates have decreased and list prices have as well for many properties.

It's been really interesting to watch how the market has played out over the last 30 days.

The Sellers that NEED to sell are dropping prices, but most buyers still aren't buying. It's a slippery slope. All that said, the past 5 days or so, we have seen an increase in Buyer numbers as well as serious Buyer interest.

It's still a good market.

Templeton - I am a local Belton Realtor and would be happy to help you look for land. Give me a call @ 256-682-7558