Real Estate Market Today☀️October 2022 by Robert O'Keefe (ROK Realty Group)

🏠Mortgage interest rates surged north of 7%. This has been the first time rates have hit 7% in over 20 years. Home prices dipped again for the third straight month in a row.

🏠Despite high interest rates, the market remains competitive in many areas. 25% of homes are still selling above their list price due to low inventory. In 2008 by contrast, inventory levels were 4X Higher than they are today.

🏠The rental market continues to cool off. Apartment vacancy rose 5.1% from last quarter. Rents had previously been up 25% over the past year. Demand has stagnated as renters have been room-mating together or staying with family and friends.

Presented By:
Robert O'Keefe - ROK Realty Group
(201)-374-7334 (Text/Call)
robert@rokrealtygroup.com

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