What the year ahead will bring for real estate market
The real estate market is in a good place, both regionally and nationally, but there are clouds on the horizon.
"Inventory is still a challenge," said Laura Burns, CEO of the Greater Capital Association of Realtors. "New construction has picked up, but it's not enough relief for people looking for midpriced homes."
The cost of new construction is eye-popping locally. The median price is $428,000 for a new house — add in resale and the median drops to $217,000.
The affordability index (using the median household as an indication of what it takes to qualify for a median-priced under prevailing interest rates) has dropped by more than 20 percent since 2017.
And yet, buyers are still buying.