Addison home sales plunge

Addison Real Estate Market Conditions – January 2023

Addison Real Estate Market Update

The Addison Real Estate Market continues to see extremely low inventory. Single family home inventory increased 50% in January, but still remains low.

Addison Home Sales

Addison single family home sales decreased 46.7% with 8 closing this year compared to 15 closings last year at the same time. Condo and townhome sales remained the same in January with 5 closings, the same as last year.

Addison Market Times

Addison single family home market times increased during January. Single family homes were on the market for an average of 83 days, compared to 38 days last year at the same time, a 118.4% increase. Condo/townhome market times increased 94.6%. This year the average market time was 72 days compared to 37 days last year.

Addison New Listings

During January, 19 single family homes were listed for sale in Addison, that’s a decrease of 34.5% compared to the 29 new listings last year. New condos/townhomes had 8 new listings this January compared to the 14 new listings last the same time, a decrease of 42.9%.

Months Supply

Addison single family home inventory is still super, super low. January ended with a 0.9 month of supply, a 50% increase from last year at the same time when there was a 0.6 month supply. The months supply of condos/townhomes was 0.6 months this January, a 45.5% decrease from last year at the same time when there was a 1.1 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Homes For Sale

At the end of January there were 22 single family homes for sale in Addison, a 10% increase from last year when there 20 homes for sale. The number of condos and townhomes for sale decreased with 5 for sale this year, a 64.3% decrease from last year when there were 14 for sale.