A market update for the third quarter in Pee Dee and Florence.
How did the third quarter stack up for Pee Dee and Florence sales this year compared to 2021?
There were 1,900 residential homes sold in the Pee Dee area in 2022 (as of September), which is five less compared to 2021. As for Florence, 1,024 homes were sold in the area last year, while 1,010 have been sold so far this year. Meanwhile, there were 359 residential sales in Florence in the third quarter of 2021, compared to the 347 sold in 2022’s third quarter.
"You're starting to see the market stabilize even more and slow down."
Moving along, the average price point for Florence’s Q3 was $278,000 this year and $251,000 last year. That’s interesting because it’s when we saw our first rise in interest rates before another increase recently, so we need to watch how these numbers change. You can see a slight decrease in sales, a higher increase in the third quarter when you compare from the rest of the year through September. The market was super strong from January through about the middle of June, when we had our first rate hike.
Now you're starting to see the market stabilize even more and slow down. It'll be interesting to see what happens going forward. We have an election coming up and perhaps another rate increase, so the environment here in Florence is still pretty strong and steady.
We want to keep you informed and know that you can always trust us here at Crosson & Co Real Estate. If you have any questions about the market, how to sell your home, or what it might be worth in today's market, please reach out to us by visiting our website.