The Coronavirus pandemic has certainly changed a lot of things this year, but one market that hasn’t taken a hit from COVID-19, is real estate.
According to the National Association of Realtors, home sales are up almost 21% compared to this time last year. Sales of existing homes increased in September, jumping 9.4% from August.
Typically, home sales will begin to decrease this time of year, but with record low interest rates and an abundance of buyers in the market place, houses are selling in considerably high numbers.
Houses are selling at higher prices overall, with the average price of a home in September up nearly 15% from last year. Listed properties are also seeing less time on the market, with an average of only 21 days, setting an all-time low record.
For these reasons, Great Falls realtors Ron and Debbie Dodd say that right now is a great time to buy or sell. “The interest rates are so low, and it's great for planning and getting the home that you want,” said Debbie.