It is, but that doesn’t mean all price ranges are super hot right now.
I was doing a market update for a listing I have. I try to keep my sellers up to date with what has been listed, pending sales, price reductions and closed sales that will become comps for an appraiser.
Check out these stats for single family homes in all of Lexington:
$100-150k has 34 listings.
$150-200k has 52 listings.
$200k-250k has 67 listings.
$250k-300k has 64 listings.
$300-350k has 106 listings.
$350k-400k has 68 listings.
$400k-450k has 38 listings.
$400k-500k has 40 listings.
If you’re a buyer in the $100-150k range you better do whatever it takes to get a house, your market is sizzling.
If you’re a seller in the $300-350k range, I would suggest a price reduction because you are not really in a seller’s market at the moment.
Why is this? Nobody can say conclusively, but my experience is that most sellers in the $100-200k range move up to the $200-300k range. Most sellers in the $200-300k range move up to the $400k and up range, so that leaves a vacuum in the $300-350k range.