Victoria Real Estate Weekly Update | Texas
Changes in the housing market are taking place at a breakneck pace. To help you stay up to date on the market, ZeroDown has compiled a weekly report on the property market in Victoria using data from Redfin. The stats are from the four weeks ending March 6, 2022. Metros with more than 50 homes sold during that time period were considered for metro-level rankings for each statistic.
Real estate is making headlines again this week, and for good reason. The housing market hit another all-time high in January 2022, with 70% of homes on the market that month ending in a bidding war between buyers, according to data released Feb. 23. This rate increased by nine percentage points compared to the same time last year.
This milestone is good news for sellers, but another hurdle for potential buyers.
Sellers are able to capitalize on the lack of inventory and extremely high demand to demand higher prices for their homes. The bidding wars also likely contributed to the recent increase in the average purchase loan size for conventional loans, which set a new record high of $453,000 in late February.
On the other hand, bidding wars represent another hurdle for potential home buyers, who have already faced not only record house prices, but also record levels of housing inventory and the threat imminent interest rate hike in recent months.
All of this heralds several potentially difficult months for home buyers looking for a bargain or for any buyer looking for a property to buy.