{"id":7386,"date":"2023-05-08T18:59:37","date_gmt":"2023-05-08T18:59:37","guid":{"rendered":"https:\/\/imsfund.com\/?p=7386"},"modified":"2023-05-08T18:59:37","modified_gmt":"2023-05-08T18:59:37","slug":"what-an-analysis-of-295-housing-markets-told-me-about-the-national-market","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/05\/08\/what-an-analysis-of-295-housing-markets-told-me-about-the-national-market\/","title":{"rendered":"What An Analysis Of 295 Housing Markets Told Me About The National Market"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">How would you describe the housing market right now? Is it <a href=\"https:\/\/www.biggerpockets.com\/blog\/home-prices-are-rising-in-these-big-markets-is-the-correction-over\" target=\"_blank\" rel=\"noreferrer noopener\">up<\/a>? Flat? <a href=\"https:\/\/www.biggerpockets.com\/blog\/did-the-housing-market-help-avoid-recession\" target=\"_blank\" rel=\"noreferrer noopener\">Down<\/a>? Crashing? Each option is a little bit correct and a little bit wrong. That\u2019s because these days, there is almost no way to describe the housing situation in the United States on a national level. To understand what is happening and to make solid investing decisions in 2023, you need to be looking at regional trends and individual market metrics.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To shed some light on the differences in market behavior, I dug into the 295 largest housing markets in the country and wrote up the most interesting trends and findings from my research.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Sales Price<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Of the 295 markets studied, 200 of them are up or flat year-over-year. This is true, even though on a national level, housing prices are down about 3%. Meaning although about two-thirds of markets are still up YoY, the depth of declines and size of the markets seeing negative price growth is dragging down the national average.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For the most part, the pandemic-era craziness is over, but there are actually still 37 markets with double-digit growth. Macon, Georgia, is up 28%, with many of the other red-hot markets coming in the Midwest. Springfield, Ohio; Saginaw, Michigan; and a few places in Wisconsin still have growth of over 20%.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Of course, there are markets that are seeing big declines as well. Austin leads the way with -14% growth, followed by Sacramento and Boise at -12%, and other major markets like <a href=\"https:\/\/www.biggerpockets.com\/blog\/seattle-rental-market\" target=\"_blank\" rel=\"noreferrer noopener\">Seattle<\/a>, Phoenix, Los Angeles, and Denver are all seeing some of the worst corrections.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">What stood out to me when looking at sales prices is how pronounced regional differences are. For the most part, western states are seeing big declines, while markets in the Midwest and Northeast are doing fine. The South is mostly growing still, but there are some markets in decline there too. To help visualize some of these regional differences, I selected markets (somewhat at random) from each region.<\/span><\/p>\n<figure class=\"wp-block-image size-full\"><picture decoding=\"async\" loading=\"lazy\" class=\"wp-image-152307 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 2\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4.webp 1030w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-300x227.webp 300w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-1024x775.webp 1024w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-768x582.webp 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-768x582.jpg 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/jpeg\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4.jpg\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-152307 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 2\" alt=\"Median Sales Price of Boise, Madison, Orlando, and Rochester (2018 - 2023)\" height=\"780\" width=\"1030\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image4-768x582.jpg 768w\" sizes=\"auto, (max-width: 1030px) 100vw, 1030px\"\/><\/source><\/source><\/picture><figcaption class=\"wp-element-caption\"><em>Median Sales Price in Boise, Madison, Orlando, and Rochester (2018 \u2013 2023)<\/em><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">As you can clearly see, Boise has seen steep declines but has started to level off. Madison and Orlando are relatively flat, and Rochester is still on an upward trend (even though seasonality makes it look like it\u2019s declined for a few months, it\u2019s up YoY).<\/span><\/p>\n<figure class=\"wp-block-image size-full\"><picture decoding=\"async\" loading=\"lazy\" class=\"wp-image-152305 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 3\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2.webp 1030w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-300x227.webp 300w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-1024x775.webp 1024w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-768x582.webp 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-768x582.jpg 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/jpeg\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2.jpg\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-152305 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 3\" alt=\"Median Sales Price Percent Change YoY of Boise, Madison, Orlando, and Rochester (2018 - 2023)\" height=\"780\" width=\"1030\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image2-768x582.jpg 768w\" sizes=\"auto, (max-width: 1030px) 100vw, 1030px\"\/><\/source><\/source><\/picture><figcaption class=\"wp-element-caption\"><em>Median Sales Price Percent Change YoY in Boise, Madison, Orlando, and Rochester (2018 \u2013 2023)<\/em><\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Inventory<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The prevailing logic over the last year is that inventory was going to rise considerably with higher interest rates, and in some ways, this is true. Of the 295 markets studied, 183 had inventory up YoY. Some markets have truly skyrocketed, with markets like The Villages, Florida; Austin, Texas; and Spokane, Washington, all seeing inventory more than double.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This seems like an alarming statistic because rising inventory can precede steep price declines, but year-over-year data might be misleading us. Inventory was extremely low during the pandemic, so I looked at current-day inventory and compared it to the same months in 2019. What I found was that only 20 markets have inventory higher than pre-pandemic levels. This is extremely low! Even with higher interest rates, there are only a handful of markets in the entire country with inventory levels that have fully rebounded.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">What\u2019s even more remarkable to me is how low inventory has stayed in other markets. In Muncie, Indiana, for example, inventory is only 21% of what it was in 2019. Meaning for every five houses for sale in 2019, there is now just one. When you look regionally, low inventory levels are primarily concentrated in New England. Massachusetts, New Hampshire, Vermont, and Connecticut all have several markets with desperately low inventory.\u00a0<\/span><\/p>\n<figure class=\"wp-block-image size-full\"><picture decoding=\"async\" loading=\"lazy\" class=\"wp-image-152308 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 4\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5.webp 1030w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-300x227.webp 300w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-1024x775.webp 1024w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-768x582.webp 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-768x582.jpg 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/jpeg\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5.jpg\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-152308 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 4\" alt=\"Inventory of Boise, Madison, Orlando, and Rochester (2018 - 2023)\" height=\"780\" width=\"1030\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image5-768x582.jpg 768w\" sizes=\"auto, (max-width: 1030px) 100vw, 1030px\"\/><\/source><\/source><\/picture><figcaption class=\"wp-element-caption\"><em>Inventory in Boise, Madison, Orlando, and Rochester (2018 \u2013 2023)<\/em><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Even in Boise, which has seen a steep correction, inventory fell in line with seasonal patterns this Winter and is not accelerating out of control.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">New Listings\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">One of the main reasons inventory remains so low is the lack of new listings. Of the 295 markets, only 16 have seen growth in the number of new listings in the last year. This is as close to a national trend as it gets in the housing market right now. Surprisingly, those 16 markets are primarily concentrated in Florida and Texas.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In certain markets, sellers are in revolt. Burlington, Vermont, has seen a 68% decline in new listings this year, as has Truckee, California. Other areas with ultra-low new listings are in New England. That makes sense\u2014declining new listings and low inventory tend to be closely correlated.<\/span><\/p>\n<figure class=\"wp-block-image size-full\"><picture decoding=\"async\" loading=\"lazy\" class=\"wp-image-152309 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 5\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6.webp 1030w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-300x227.webp 300w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-1024x775.webp 1024w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-768x582.webp 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-768x582.jpg 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/jpeg\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6.jpg\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-152309 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 5\" alt=\"Percent Change YoY of New Lisings in Boise, Madison, Orlando, and Rochester (2020 - 2023)\" height=\"780\" width=\"1030\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image6-768x582.jpg 768w\" sizes=\"auto, (max-width: 1030px) 100vw, 1030px\"\/><\/source><\/source><\/picture><figcaption class=\"wp-element-caption\"><em>Percent Change YoY of New Lisings in Boise, Madison, Orlando, and Rochester (2020 \u2013 2023)<\/em><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">If you want to know why the housing market isn\u2019t crashing on a national level, this is one of the main reasons.\u00a0<\/span><strong><span data-preserver-spaces=\"true\">There is very little to buy, which is offsetting the decline in demand that has come with rising interest rates.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Days on Market<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Days on market (DOM) is an excellent indicator because it helps us understand the balance of supply and demand in a market. In markets where there is excessive supply, DOM goes up. In markets where there is excessive demand, DOM goes down. Balanced markets stay flat.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">What we see right now is that 246 markets have rising DOM. Even though inventory has remained low\u2014properties are sitting on the market longer in most parts of the country. But how much longer varies dramatically.\u00a0<\/span><\/p>\n<figure class=\"wp-block-image size-full\"><picture decoding=\"async\" loading=\"lazy\" class=\"wp-image-152304 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 6\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1.webp 1030w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-300x227.webp 300w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-1024x775.webp 1024w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-768x582.webp 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-768x582.jpg 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/jpeg\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1.jpg\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-152304 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 6\" alt=\"Percent Change YoY of Days on Market in Boise, Madison, Orlando, and Rochester (2020 - 2023)\" height=\"780\" width=\"1030\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image1-768x582.jpg 768w\" sizes=\"auto, (max-width: 1030px) 100vw, 1030px\"\/><\/source><\/source><\/picture><figcaption class=\"wp-element-caption\"><em>Percent Change YoY of Days on Market in Boise, Madison, Orlando, and Rochester (2020 \u2013 2023)<\/em><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">In Boise, the average days on the market went from 13 one year ago to 88 today. That is an increase of nearly 600%! No wonder prices are falling in Boise. The chart above does a great job of showing what\u2019s happening right now. Markets that boomed, like Boise and Orlando, are reverting. Meanwhile, the more \u201cboring\u201d markets like Rochester and Madison are holding almost perfectly steady, as they have for years. This is generally true for many major metros in the Midwest and Northeast.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Sale-to-List Ratio<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The last metric I looked at is the Sale-to-List ratio, which measures, on average, how much below or above the asking price properties are selling for. Despite dropping demand, there are still 49 markets in the U.S. that are averaging above-list sales. Of all markets, Rochester, New York, leads the way with the average home selling for about 107% of the list price. Madison is also above 100%, which again is no shock given the supply and demand dynamics.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For the other 246 markets, however, buyers are getting discounts on the sale price. I\u2019ve been talking about the concept of \u201cbuying deep\u201d for months (buying under the asking price), and it seems that in 84% of markets, this is happening. In Key West, Florida, buyers are buying at 95% of the list price, Austin is 96%, and in New Orleans, it\u2019s about 97%.\u00a0<\/span><\/p>\n<figure class=\"wp-block-image size-full\"><picture decoding=\"async\" loading=\"lazy\" class=\"wp-image-152306 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 7\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3.webp 1030w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-300x227.webp 300w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-1024x775.webp 1024w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-768x582.webp 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-768x582.jpg 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" type=\"image\/jpeg\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3.jpg\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-152306 sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 7\" alt=\"Sale-to-List Ratio in Boise, Madison, Orlando, and Rochester (2020 - 2023)\" height=\"780\" width=\"1030\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3.jpg 1030w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-300x227.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-1024x775.jpg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/image3-768x582.jpg 768w\" sizes=\"auto, (max-width: 1030px) 100vw, 1030px\"\/><\/source><\/source><\/picture><figcaption class=\"wp-element-caption\"><em>Sale-to-List Ratio in Boise, Madison, Orlando, and Rochester (2020 \u2013 2023)<\/em><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">To me, this is a perfect example of why it\u2019s so important to understand local market dynamics. If you see that inventory is rising and you\u2019re in a buyer\u2019s market, you can offer less than the asking price\u2014and as the data shows, you\u2019ll probably get it! However, if you\u2019re in a strong seller\u2019s market, you may still have to write competitive offers and won\u2019t have the luxury of being as patient as you might like.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Conclusion<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Hopefully, this analysis has shown you that trying to describe \u201cthe housing market\u201d is not possible right now. Every region and every individual market is behaving differently. There are markets still in the grips of the pandemic boom with massive growth and low inventory. And there are markets seeing steep corrections.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">How you invest in 2023 should largely depend on the dynamics of your local market. Some markets will support flipping right now, while others are better for rentals, and some maybe shouldn\u2019t be touched altogether. As an investor, I encourage you to stay on top of the metrics I outlined in the post above and use them to help you make investing decisions.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">What are you seeing in your local market, and how are you adjusting your investing tactics accordingly? Let me know in the comments below!<\/span><\/p>\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block    has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n<div class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 lg:w-1\/2 \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find an Agent in Minutes<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Match with an investor-friendly agent who can help you find, analyze, and close your next deal.<\/p>\n<p><\/main>\n<\/div>\n<div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n<picture decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 8\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.webp \" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.png\" type=\"image\/png\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.png\" decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block sp-no-webp\" title=\"What An Analysis Of 295 Housing Markets Told Me About The National Market 8\" alt=\"find an investment-friendly real estate agent\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.png\"\/><\/source><\/source><\/picture>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/what-an-analysis-of-295-housing-markets-told-me-about-the-national-market\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article How would you describe the housing market right now? Is it up? Flat? Down? Crashing? Each option is a little bit correct and a little bit wrong. That\u2019s because these days, there is almost no way to describe the housing situation in the United States on a national level. To understand what [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":7387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/05\/madison-wisconsin-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-7386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/7386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=7386"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/7386\/revisions"}],"predecessor-version":[{"id":7388,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/7386\/revisions\/7388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/7387"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=7386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=7386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=7386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}