PHOTO CREDIT Robin Shubert
To forecast home prices, we look at how many homes are available for sale vs. how many homes have sold and closed over a period of usually six months and how long, on average, it took for them to sell. According to Jeffry Otteau of Otteau Appraisal Group, the market is considered an appreciating market when there are fewer than six months of inventory, also known as a seller's market. All the surrounding towns in 2023 have maintained a monthly supply of under two properties. Therefore, we believe prices will continue to climb until inventory levels settle at six months.
