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The real estate market in Midland has continued to sustain a level of stability through Q3 while navigating economic challenges that have been seen across the nation. Specifically, our market has shown its strength and resilience by maintaining value as we have seen an increase in the average annual sales price of 2.5% and an increase in price appreciation of 3.7% YTD. Additionally, we have had a healthy decrease of 17.4% in the average number of days homes are for sale on the market when compared to 2021 YTD. The number of units under contract has decreased due to the traditionally slow fall cycle combined with the Federal Reserve increasing interest rates. The intent of the increased rate is to slow down the real estate market and to possibly cause a real estate recession nationwide but the Q3 results of the metrics previously mentioned give us a positive outlook for the health and future of the Midland market.
The Lanier name is a highly successful real estate team that has been trusted source for helping families in the Midland real estate market with their housing needs since 1969. As a part of Keller Williams, the nation’s largest real estate company, our team offers experienced, energetic, and knowledgeable representation for both buyers and sellers. When the Lanier Team is trusted with your home buying and selling needs you can feel confident that the entire process will be handled with the utmost care and concern for your best interests.
We are pleased to provide this information to our friends and clients. Please don’t hesitate to contact us regarding your current or future real estate needs and feel free to share our newsletter with anyone who may benefit from our services.
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