Ever wondered what the latest real estate stats are saying about our area? Well, here’s the scoop! The October 2024 numbers are in, and if you’re considering buying or selling, there’s some good stuff here you won’t want to miss.
Prices Are on the Rise 📈
The median sales price has climbed to $330,000, up by 1.4% compared to September. This might not seem huge, but over time, these increases mean more value for homes in our community. Year over year, that’s a steady 4.6% boost! So, if you’ve been thinking about selling, this market has solid momentum.
A Small Decline in Sold Homes but Stronger than Last Year
October saw a 2.8% dip in the number of homes sold compared to September, indicating a slight slowdown in sales. However, when compared to last year, sold homes actually increased by 5.2%. This year-over-year rise highlights that, despite monthly fluctuations, buyer demand remains robust. More buyers are entering the market, likely driven by a mix of stabilized interest rates and competitive pricing.
On that note, homes are selling at 99.6% of their list price on average. This shows that buyers are serious and willing to come close to asking price, which is great news if you’re a seller wanting to maximize value.
Days on Market Holds Steady ⏰
While we’re still looking at a median of 25 days on the market, it’s a sign that the market is steady. Properties aren’t flying off the shelf instantly, but they’re moving at a healthy pace, giving both buyers and sellers a fair shot at finding the right match.
Inventory Challenges: Low But Rising 🏡
Months supply of inventory—basically, how long it would take to sell all available homes if no new listings came up—is at 2.2 months, down from the previous month. For sellers, this means less competition; for buyers, it’s a reminder to stay alert and act quickly when you find “the one.”
Final Thoughts
Whether you’re planning to buy, sell, or just curious about how things are going, these numbers provide a clear picture. Higher prices, steady sales, and tight inventory are the big themes for October 2024.
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