2023 Q2 Market Report

Earlier this year all signs pointed to a significant slowdown, especially after multiple record setting years in 2021 and 2022. Yet somehow the second quarter of 2023 came back with a roar and we’re now seeing a similar scenario across the board: near record high prices, multiple offers, and still plenty of cash purchases. Where we differ is which part of the market is the strongest? The comparatively slower middle segment of the price range suggests that the interest rates are indeed having a large impact, especially for those who would typically move up market. Leaving a lower interest rate behind in search of a nicer home is a real debate being had within many households.

Across the country the story can be much different depending on your location. We’ve seen big declines in major cities, even those in the West that typically are strong when others sputter. Looking at our contemporaries in areas like Bend, Jackson, Tahoe or Bozeman, the story is much more similar to ours: competitive market, high prices, and still an influx of cash buyers. Thus, while the real estate market nationally finds a new normal, destination cities like our own continue to be highly desirable and competitive and frankly, we don’t see that changing anytime soon.