Smith County moving to healthier housing market

Reports show the Smith County housing market is leveling off after last year’s rise in sales and lessened inventory.
Published: Sep. 16, 2022 at 6:16 PM CDT
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SMITH COUNTY, Texas (KLTV) - Reports show the Smith County housing market is leveling off after last year’s rise in sales and lessened inventory.

We are now moving to a healthier market with more inventory than sales.

According to the Greater Tyler Association of Realtors, we were not in a sustainable healthy market at this time last year because the median price of houses was high, at $255,000, and interest rates were at record lows. This resulted in more sales than inventory.

But now, real estate experts say things are looking up despite the high median price of $315,000 and higher interest rates. According to Freddie Mac, the interest rate on a 30-year fixed mortgage is 6.2%. This is the first time rates have topped 6% since 2008.

Greater Tyler Association of Realtors Director of Marketing and Communications Katie Krier said, “It’s good news for buyers because there’s more inventory, there’s more options. Yes, we are seeing higher prices, and we are seeing a little bit higher interest rates, but you have more options and not as much pressure that we were seeing in quarter two of last year, where the houses were going so quickly so fast.”

Krier said buyers can expect a house to be on the market for about 60 days. In 2021, some sellers received offers within 24 hours.

The current state of the market is also good news for sellers.

“It’s also a good time for sellers because of the median price. Again, it goes back to that supply and demand. The less supply you have, the more you can make off of your house, the more equity you can make,” said Krier.

The latest Smith County housing report shows the market currently has two months of inventory. Krier says a healthy market has six months of inventory.