December 2024 Market Report

As a potential buyer or seller in the current real estate market, it is important to understand the correlation between various key metrics in order to make informed decisions. 

The Months Supply of Inventory is a key indicator of market conditions, with a current value of 1.2. This low supply suggests a highly competitive market with limited available homes for sale. 

The 12-Month Change in Months of Inventory is also significant, showing an increase of +12.15%. This indicates a slight trend towards more inventory entering the market, which could potentially provide more options for buyers in the future. 

The Median Days Homes are On the Market is a quick 22 days, suggesting that homes are selling at a fast pace in this market. This may be due to high demand and low inventory, leading to competitive bidding situations. 

The List to Sold Price Percentage is an impressive 99.8%, indicating that sellers are receiving offers very close to their asking price. This suggests a strong seller's market with high demand and limited negotiation room for buyers. 

Lastly, the Median Sold Price of $499,000 is a useful benchmark for understanding the overall pricing trends in the market. This price point reflects the average value of homes that are selling, providing insight into the current market conditions and buyer/seller expectations. 

Overall, these metrics paint a picture of a competitive real estate market with limited inventory, fast-selling homes, high list to sold price percentages, and a steadily increasing supply of homes. Buyers should be prepared to act quickly and potentially pay close to asking price, while sellers may benefit from the current high demand and low supply by maximizing their sale price. It is essential for both buyers and sellers to stay informed and adapt to the changing market conditions to achieve their real estate goals.