Posted on September 13, 2022.

Here's what's happening in Siesta Key, the Twin Cities, Sioux Falls, Austin and Raleigh

Take a deep dive into these five local housing markets to better understand the trends across the nation. Each city has a unique market and enticing listings to attract new residents.

Siesta Key, Florida

Remote work flexibility opened up the possibilities of where people could live, so more and more homebuyers have decided to make the move to the beach. Just outside of Sarasota and right on the Gulf of Mexico, Siesta Key is one of the many beachfront locales these buyers have flocked to.

“The beach has been a huge draw — it never snows here, you never have to worry about shoveling the driveway or scraping off your car,” Trystan Foglia, a local eXp agent, said. “And with the COVID-19 pandemic, things started opening up in Florida a lot earlier than other places, so some people moved here because of that.”

But as interest rates have risen, demand, which was once white hot, has started to cool.

“Now we are starting to see houses sit on the market for more than a week when you used to be able to get five offers in under 24 hours,” Kayla Minck, who works with Foglia on The Kameli Team, said. Both Minck and Foglia said that while things are cooling down, it is not quite a buyers’ market, though it may turn that way in the future.

“Buyers are active, but not as active as they once were. Prices are high and now rates are high and every time we have spoken to buyers recently, they say they are waiting for the rates to go back down, but at this point, I think they will be waiting a while,” Minck said.

Source:www.housingwire.com