July 2019 Rock Hill Market Update
The general U.S. economic expansion continued into the start of its 11th year in July 2019. The average rate of growth in this expansion has not been as robust as the 1990’s expansion, at 2.3 per year versus 3.6 previously. During this 10 year expansion, the unemployment rate has dropped from 10% in 2009 to 3.7% in 2019. The economy is expected to continue to function well for the rest of 2019, but a mild recession is becoming more of a threat. As far as the Rock Hill Real Estate market is concerned, total sales and the number of available houses for sale has declined.
Here are the numbers from the greater Rock Hill/Charlotte area for July.
New Listings - 9,416 (down 15.3% from 7/18)
Rending Sales - 49,796 (up 1.6% from 7/18)
Closed Sales - 4627 (down 7.2% from 7/18)
Days On Market - 44 (0% from 7/18)
Median Sales Price - $247,000 (up 6.2% from 7/18)
Percent of Asking Price Received 96.6% (down 0.4% from 7/18)
Months Supply of Inventory 2.3 (down 14.8% from 7/18)
If you are considering selling your home, this is a great time to do that, as the demand for homes is strong and supply is low. For home buyers, especially those looking for entry-level houses, prices have risen and the number of available homes is low. The good news is that mortgage rates are still low, which helps greatly with affordability. For more information on key indicators of a healthy housing market, click here.
If you are a seller, Jeff Cook Real Estate-Rock Hill can assist you in setting the right price for your home, reaching many buyer prospects from in and out of the area, and in handling all the details of a home sale. If you are looking to buy, Jeff Cook Real Estate can help you get pre-qualified and present a strong offer so that you can purchase a home now before prices go any higher. Give us a call at 855-HEY-JEFF today!
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