How the Micron project and recent changes will affect our housing market.
This year has flown by so quickly, and we’re already almost one month through the fourth quarter—can you believe it? That’s why I thought it would be a great time to update you all on the housing market and what’s going on with the Micron project.
There is still plenty of price growth in our area, driven by low inventory levels. There has been an 8% increase in our median price compared to last year. As a result of this lack of inventory, even though interest rates are gone up, prices are still rising, and we still see multiple-offer situations. Also, the number of closed sales has decreased by 5%. Overall, know that there’s still plenty of opportunity for both buyers and sellers.
Then comes Micron. Many people have contacted me about this, as they’re curious about how this will affect the real estate market. How you should respond to this change depends on your situation, what your goals are, and what your timeline is. The bottom line is we’ll need more housing, both rehabilitation of existing housing and new construction. This will need to happen to accommodate the rise in new jobs. Micron coming will be a huge positive for our area, but it will affect housing demand. That’s why it will be important for us as a community to work together to make sure that we have enough housing stock to satisfy the demand that’s coming as our area grows.
If you have any questions about this, please let me know, you can call me or email me anytime. And as we approach Thanksgiving, I wish all of you a happy holiday season!