What happened in the real estate industry in January? Here are the top stories.
Homes Are Sitting on the Market Longer
The typical number of days a listing remained on the market reached 54 days, marking the slowest pace of home sales since March 2020, according to Redfin. With mortgage rates hovering near 7% in January and home prices up 4.8% year-over-year, this slowdown comes as no surprise.
Micro-Units Gain Popularity Amid Affordability Crisis
As housing affordability continues to be a challenge, micro-units are becoming an increasingly attractive option for single occupants and couples. These efficiently designed apartments, typically under 400 square feet, offer a more affordable alternative while still providing quality living spaces and essential amenities in urban settings.
Breaking Bad’s Iconic New Mexico House Hits the Market
In January, the infamous New Mexico house from Breaking Bad was listed for sale with an asking price of $4 million. For context, Zillow estimates the 1,900-square-foot home would typically be valued at under $350,000. However, the the popular home gets up to 300 visitors per day, so the owners seem to believe it's time for the property to become a bed-and-breakfast or a museum.
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