Fall Market Trends
The 2018 Anchorage real estate market is flat meaning prices have remained mostly stable compared to the previous year. Despite a small drop in inventory the average price of a single family home in 2017 was $366,000 in Anchorage (approximately the same as 2016). Meanwhile, housing inventory has gone down with fewer homes listed for sale on the market – but not to worry – this figure is said to be reflective of a “return to normal” according to housing market data (ADN). There is room for gains in the future.
What does this mean for buyers and sellers?
For now Buyers are benefitting the most as prices haven’t risen dramatically and there are still enough homes listed to surpass demand. The last quarter of 2018 marks a good time for those looking to buy since sellers are competing in a flat market and may use price drops to incentivize buyers. While buyers may have fewer options to choose from, they should be able to find affordable homes. Sellers should remain optimistic too, however. The stable prices point to a healthy trend in the housing market. Anchorage has one of the highest population turnovers in the U.S. with last year marking the fifth year in a row where more people moved out of state then in state. These and other factors mean in theory the market could be down far more. For now, Anchorage and the greater region are doing well when you consider the current factors.
Other trends could increase market demand significantly, including changes in oil prices, Arctic exploration, military expansion and tourism, among other factors.
Stay tuned for more Real Estate news from Northern Trust Real Estate. We know our city and all it's neighborhoods --Anchorage is our home too so you'll know that we can help you find the house that you can call home!