The Inland Valley housing market is ever-changing! Currently, the median home price stands at $600,792, a slight decrease of 1.5% since last year. This is good news for any buyers that have been waiting for prices to soften. That being said, since the beginning of the year, sales have significantly picked up, and many believe this number will start to come back up within the next couple of months.
Currently, On average, it takes just under two months for homes in this area to sell (59 days), which is an increase of 74% year over year. Despite these higher numbers regarding time on market, pending sales remain relatively stable at 472 pending sales for January 2023. Compare this to last year, and there has been no change in pending sales. There were 308 actual closings, which has fallen by 26% compared to 2022.
Predictions for the 2023 housing market seem to be all over the place. Up or down...Where do you think we are headed?