Here's the October sales data in Hamilton County by the number of bedrooms in the house
- The median days on market (DOM) was 11 days or less for two, three, and four bedroom houses. This was a decline of 5 days for each type of house compared to Oct 2018.
- Average sales price was down for Oct 2018 compared to Oct 2019. Median sales price was steady, indicating the decline in average sales price was caused by high or low priced outliers.
The flat median sales price is curious for two reasons:
- Low DOM and 15% more homes sold indicates strong demand
- Low interest rates (3.7% in Oct 2019 compared to 4.8% Oct 2018) means 30 year mortgage payments are about 12% cheaper for the same amount financed.
Both of these factors would typically drive prices higher, but that didn't happen. If you are looking to buy a home, especially if buying up, now is a great time before rates increase. It's unclear what this means for 2020, but you'll be the first to know if the market begins to shift.
