The headlines can be alarming: “US Suffering From Second Biggest Home Price Correction of the Post-WWII Era”. When you hear the experts discuss real estate, keep in mind that all markets are local. And no. The market isn’t crashing. The market is coming down from a couple of years of fire-breathing acceleration, though. Some call this a return to normal. That’s what many are seeing here in East Bay.
The featured market snapshot of Lafayette shows that in December 2022 the average sold price of a single-family home was $2.12 million and this is three percent down from the prior December. Last spring home prices here were rising some 23 percent year over year, a figure that is not sustainable despite the relatively low inventory. As the 2023 home-selling season starts to get underway in the next few weeks, we are still likely to see a well-prepared and a well-priced home getting a few offers rather quickly.