Q1 2023 Real Estate Market Update: Supply and Demand Imbalance Explained

May 8, 2023
Adam Crosson knows real estate. Growing up in Anderson, SC he watched his father work as a real...
View Bio

                     The latest data on home sales and inventory that you need to hear.

How does the Q1 2023 real estate market compare to the same period last year? Today, I’ll share the latest numbers and market trends to help guide your buying and selling plans. 

In the first quarter of 2023, the real estate market experienced a significant decrease in sales compared to the same period last year. This year, only 228 single-family residences closed in the Florence Market, representing a 29% decrease from the 321 sales in the first quarter of 2022. The Peedee region also experienced a drop in sales, with 449 single-family residences sold in 2023, a 23.5% decrease compared to 586 sales in 2022.

"Multiple offers are still occurring and prices are holding steady."

ceveral factors have contributed to these changes in the market. First, many homeowners are reluctant to sell due to the low interest rates they secured in recent years. Secondly, although there is more supply than last year, the current inventory does not meet the needs of buyers in terms of home features and location. Finally, an increasing number of people are relocating to the area due to its attractive cost of living, proximity to beaches, and favorable weather, which contributes to the supply and demand issue.

While the market has cooled from "white hot" to "red hot," it remains favorable for sellers, with multiple offers still occurring and prices holding steady. The increase in interest rates has led some buyers to postpone their purchases, but real estate remains a long-term investment, and refinancing options are available.

If you’re considering listing or buying a home, call or email me. I’d love to help you reach your real estate goals. 

Latest Articles