March 2023 Bexley Real Estate Update
Jan Kanas is a Bexley-based Realtor at Sotheby's International, a Global Real Estate Advisor. Sotheby's is located at 2327 E. Main Street.
You can contact Jan at
Understanding the Bexley housing market will most certainly put you in the driver's seat, no matter if this is the year you plan to sell or buy a home in this community.
It all comes down to understanding current market conditions.
Are we in a seller's market or a buyer's market and how can we best navigate both depending upon our individual circumstances? In a seller's market, the seller will have more negotiating power than the buyer in the transaction.
In 2022, there were 22.8% less homes that sold in Bexley than in 2021. The average sale price went from $574,101 in 2021 to $643,036 in 2022 reflecting a 12% price increase. Along with this, the days on market have decreased as well from 25 days in 2021 to just 15 days in 2022. While it's difficult to predict exactly how market conditions will play out in 2023, what is clear is that inventory levels remain low and buyer demand remains high even though interest rates have ticked up a bit since the beginning of the year.
Even though the Bexley housing market remains strong, sellers will still want to connect with a local Realtor for direction regarding preparing their home for the market, listing their home at the market value, negotiating the best offer from potential multiple offers, navigating the home inspection process and successfully closing the sale.
Curb appeal, location, overall condition of mechanical systems, and 'move-in' readiness of the home will still be the characteristics that will ultimately drive the selling price of homes in Bexley in 2023.
