One of the many perks of being an agent at Keller Williams, the world’s largest real estate brokerage, is the amount of education and knowledge and insights available to us.

While at Mega Agent Camp in Austin, TX last month, we listened and absorbed all we could for our clients. While I could just attach the same slides I received from this, I'm just going to list the top 6 most important market updates that we believe you need to know. Take a look below and let me know if you have any questions about the real estate market in your area!

1) We believe a shift in the market has occurred from a seller’s market to more of a buyer’s market, with the 5 year projected annual sales of 27M from 32M as illustrated below.

2) Compared to last year, there are a bit more homes available for sale, but still well below what is considered a balanced market. Finding homes is still difficult for buyers.

3) In spite of having such limited inventory of houses, we expect average home prices to continue the historical upward trend.

4) When houses do come to market, they don’t remain available long, just two weeks on average.

5) Mortgage Rates are significantly higher this year, but are still nowhere near historical rates. The rate “holiday” we saw last year has ended.

6) With all that said, renting is an expensive alternative. The cost of renting is rising dramatically. Not only is there a shortage of rentals right now, but the prices are rising rapidly with inflation.