By Richard Greene | Wise County Messenger
After slowing slightly in May, the Wise County real estate market remained steady in June.
Ninety-four homes sold in the month, one less than in May. Sales were up 6.8 percent or six homes from June 2018.
The number of homes on the market increased from 315 in May to 333 in June. The months of inventory increased from 4.1 to 4.3 – the same level it was in April. The figure represents how long it would take to deplete inventory, assuming no new inventory is put on the market.
The number of listings is up 18.9 percent from 280 in June 2018.
The median price of the homes sold in June was $250,007 – a 6.2 percent increase from the average sale price of $235,500 for the same month in 2018.
Of the homes sold, 33.3 percent were between $200,000 and $299,999. Homes between $100,000 and $199,999 made up 26.7 percent of the market and homes between $300,000 and $399,999 23.3 percent.
Interest rates remain near a three-year low. According to Freddie Mac, the average rate for a 30-year fixed mortgage was 3.75 percent Thursday – the lowest since it was 3.57 percent in November 2016.