May 2025 Market Report

First, let's look at the Months Supply of Inventory, which is currently at 2.2. This indicates that there is a relatively low inventory of homes available for sale, which can lead to increased competition among buyers and potentially drive up prices.

The 12-Month Change in Months of Inventory is at 0.26%, showing a slight increase in inventory over the past year. This may suggest a more balanced market compared to the previous year, providing buyers with more options and potentially less competition.

The Median Days Homes are On the Market is 27, indicating that homes are selling relatively quickly in this market. This could be attributed to the low inventory levels and high demand from buyers.

The Sold to List Price Percentage is at 1%, suggesting that homes are selling very close to their listing price. This could be a result of the competitive market conditions and the high demand from buyers.

Finally, the Median Sold Price is $515,000, indicating the midpoint of all home sales in the market. This figure gives buyers and sellers a benchmark to understand the current pricing trends in the area.

In conclusion, the low inventory levels, quick sales, and high sold to list price percentage all point towards a competitive and potentially seller-friendly market. Buyers should be prepared to act quickly and potentially pay close to the asking price, while sellers may benefit from the high demand and potentially see their homes sell quickly and at a favorable price.