The number of homes currently on the market has seen sellers lower their prices in an effort to generate offers and more showings. Approximately 40% of listings have seen price reductions over the last 2 months.
The supply has been rising slightly over the last 5 months and inventory levels are increasing. The median days on the market as compared to July, 2022 to July, 2023 has gone from 34 days to 64 days.
Interest rates continue to play a role in the scheme of purchase. Rates are holding somewhat constant, and many potential buyers are taking a “wait and see” attitude.
Some encouraging news is that there is still market activity and sales prices have remained close to levels experienced 6-12 months ago.
The best thing is that the greater Henderson County area is becoming a destination place for retirees, new businesses, and overall growth, sandwiched between the Tyler, Longview and Dallas-Ft. Worth Metroplex, creating a bright future for the Henderson County area!