March 2023 Real Estate Market Update
The real estate market in San Juan County NM is constantly changing, and staying current with the latest trends and insights is important. Whether you're a potential seller looking to move or just interested in the latest real estate info, this is for you!
The numbers show that the San Juan County NM, market is a seller's market. Demand for housing is still high, and comparably few homes are available for sale. In fact, the inventory for single-family homes is down 43% compared to last year. This is excellent news for potential sellers, as they may be able to sell their homes quickly and for a high price.
The median home price in San Juan County NM has also been on the rise. As of March 2023, the average home price was $267,468, a 9.26% increase compared to last year. This is due to the high demand and low inventory. If you're a potential seller, now is a great time to list your home and make a significant profit.
It's more than just single-family homes in demand in San Juan County, NM. The rental market is also thriving, with a low vacancy rate of only 2%. This means there's a high demand for rental properties, and investors may want to purchase rental homes or apartments. If you're an investor, now could be a great time to enter the San Juan County NM, rental market.
Despite the high demand for homes in San Juan County NM, there are still opportunities for buyers. New mortgage products are constantly coming out, and qualifying mortgage amounts are higher than ever. Buyers need to act fast when making an offer, as homes are selling quickly.
In conclusion, the March 2023 real estate market update for San Juan County NM is favorable for potential sellers and investors. The seller's market, high demand, and low inventory can lead to a high sale price for your home. Investors may also want to take advantage of the thriving rental market. However, buyers should act fast and prepare to make a competitive offer to secure their dream house. Whatever your real estate goals, we would love an opportunity to help out!