Weekly Special | August 21, 2023

Uneven Demand In Housing Market

The jump in mortgage interest rates last year instantly slowed demand from buyers, but not all price ranges have responded similarly.

Today’s graph ranks each home price segment from 1 to 15 based upon how well 2023 has performed (with a rank of “1” if 2023 had the most home sales down to “15” if 2023 had the fewest number of homes sold of all 15 years).

It’s important to understand that each price segment includes all home sales from that price and higher, all the way to the most expensive home sale in 2023. So the easiest way to read this graph is from the bottom up.

The four red bars at the bottom of the graph reveal that 2023 is ranked #1 for homes priced from $850K and higher.

As soon as we drop down to $800K and higher, 2023 moves to the third-best year. Yet from $550K and higher, it remains the top year.

For homes priced above $200K, 2023 ranks as the 2nd-best year on record. Overall, 2023 is ranks 8th best year out of the past 15 years, meaning we’re right in the middle overall, but still very strong at the top.

Best Market For High-End Sellers If you own a home valued above $850K that you have considered selling, now might be a great time to unload it. Of course, it will continue to go up in value for the foreseeable future if you just want to hold on to it. This remains the strongest market I’ve seen for selling a high-end home for top dollar and within a predictable time frame.

The original one-page Weekly Special PDF is still available.