Park Circle Market Update – May 2024

Average Sales Price Up, while Closed Sales Goes Down 

Average sales prices in the Park Circle neighborhood continue to rise year over year, but inventory and the total number of homes for sale are creeping back up creating a more balanced market. We’re not quite there yet, but judging by the reduction in total closed sales, we are starting to see buyer demand slow down. 

High interest rates throughout April dampened home buying and continued through May even with more inventory in the market.

Until inflation can be held in check, buyers should not expect an interest rate reduction announcement anytime soon.