COVID Effect on Values

 The 3 highest annual median values and 3 lowest marketing times for detached and attached housing all occurred during the Covid years 2020-2022. The Covid Effect followed 8 years of appreciation since 2011 and many experts anticipated a cool down in the real estate market in 2019, which is common following a relatively long run up in values. When Covid hit in 2020 there were concerns it might negatively impact real estate values. Federally related appraisals for Fannie Mae and Freddie Mac required a disclosure of the Covid-19 worldwide pandemic, which was done out of concern property values could drop. However, the opposite occurred and values increased significantly, which was completely unexpected.

How is 2023 faring? Values are still increasing, through August the detached median is $950,000 and the attached median is $635,000. Sales volume is declining, 2022 was the lowest sales total in 14 years with an average of 2,370 total sales per month (detached and attached) and 2023 is averaging 1,932 total sales per month through August, which is on pace to be the lowest sales total in the past 23 years.