There’s good news for the residents of Macon County: not only is our Real Estate Market doing well, we remain the most affordable housing market in the country.
Here’s the good news, by the numbers:
- The average sales price of a home rose from $109,859 in 2018 to $118,195 in 2019 which represents an increase of 8%.
- Days on market averaged 85 in 2018 and 66 in 2019 which represents a decrease of 29%.
- The average sale-price to list-price ratio was up to 96% in 2019, representing an increase over 2018’s 95%.
- A lack of housing inventory over the past year is the main factor driving these positive numbers. At the time of this publication, there are less than 400 active residential listings being marketed in the Multiple Listing Service (MLS). It’s the reason I’ve been advising residents that if you’re even considering listing your home, NOW IS THE TIME!
- Mortgage rates are very low. Peggy Myers of Hickory Point Bank indicates that mortgage rates have fallen to the second lowest level in three years. The average U.S. fixed rate for a 30-year mortgage is running about 3.5%, nearly a full percentage point below this same time last year, according to Myers.
- Leading local economic indicators are positive. According the Economic Development Corporation of Decatur & Macon County, there has been an average annual increase of more than 600 jobs over the last several years and the average private sector wage is over $29.00 per hour. The average per job earning level is $62,980 and is the highest in the region. This means more purchasing power which directly impacts the housing market.
The truth is, 2020 looks to be a very promising, very positive year for Macon County. And whatever your goals are-whatever your needs-the Brinkoetter team stands ready to help.
Here’s to us, Macon County!