November 2024 Market Report

The real estate market is currently experiencing a low inventory situation, with only 1.65 months supply of homes available for sale. This means that there are fewer homes on the market compared to the demand from buyers, leading to a competitive environment for those looking to purchase a home.

Over the past 12 months, there has been a significant increase of 14.58% in the months of inventory, indicating a slight shift towards a more balanced market. This increase could be attributed to more homes coming onto the market or a decrease in buyer demand.

Homes are selling quickly in this market, with a median of only 16 days on the market before being sold. This rapid turnover suggests that buyers need to act fast and be prepared to make competitive offers in order to secure a property.

Sellers are also seeing strong returns on their investments, with homes selling for an average of 100.4% of the listing price. This indicates that there is room for negotiation, but overall, sellers are receiving offers that meet or exceed their asking price.

The median sold price for homes in this market is $490,000, which is a good indicator of the overall value of homes in the area. Buyers can expect to find properties at this price point, while sellers can use this information to price their homes competitively in line with market trends.

Overall, this data suggests that the real estate market is dynamic and fast-paced, with opportunities for both buyers and sellers to make successful transactions. Buyers should be prepared to act quickly and decisively, while sellers can take advantage of favorable selling conditions to maximize their returns.