March 2020 Real Estate Market Update

March 2020 average sales price for new & existing homes combined ($256,063) is 7.6 percent higher than March 2019. There were 3,057 home sales (new & existing combined) for March 2020, which is 6.7 percent higher than last March (2,866). Home inventory (new & existing combined) for March 2020 (5,987) is 21.6 percent lower compared to March 2019 (7,632). The supply of new and existing homes for March 20 remained steady at 1.8 months.

Looking to the Future: What the Experts Are Saying

As our lives, our businesses, and the world we live in change day by day, we’re all left wondering how long this will last. How long will we feel the effects of the coronavirus? How deep will the impact go? The human toll may forever change families, but the economic impact will rebound with a cycle of downturn followed by economic expansion like we’ve seen play out in the U.S. economy many times over. Here’s a look at what leading experts and current research indicate about the economic impact we’ll likely see as a result of the coronavirus. It starts with a forecast of U.S. Gross Domestic Product (GDP). According to Investopedia: “Gross Domestic Product (GDP) is the total monetary or marke

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