May 2024 Real Estate Market Update

Another month has come and gone, the spring weather is teasing us and can't quite decide if it's ready to let winter go yet. Similarly, the real estate market is showing signs of spring but Interest rates and inflation may be keeping things a little lower than usual. Let's take a look!

Days on Market (DOM): Homes are flying off the market faster than we've seen in a while! Currently the average days on market is just 25 days, this is down from 32 days last month. That's a swift 7-day reduction, indicating high demand and competitive buying conditions.

Median Sales Price: The median sales price is where the tease comes in- currently our median sales price is $470,000 compared to $469,500 last month. While the increase is modest, it reflects a steady appreciation in property values. This is good news for sellers to see the market and their property value continuing to increase. And this is also great news for buyers- usually around this time of year and with our DOM shrinking to a spring rush, we see the home prices increasing at a much more significant rate. So while prices are increasing, it is a very mild increase compared to this time of year in years past.

Sales Price vs. List Price: Homes are now selling for 99% of their list price, up from 98% the month prior. This shift suggests strong buyer confidence and a willingness to meet asking prices in today's market. This is common to see when the homes start selling quicker, buyers start getting more aggressive with offers and have less leverage in negotiations.

Total Homes Sold: Last month, the market remained active with 581 homes sold, a slight increase from 577 homes in the previous month. While the difference is modest, it indicates ongoing stability and sustained buyer interest in the housing inventory.

Comparing these recent month's reports, several trends emerge. The market continues to favor sellers, with reduced days on market and sales prices trending up. Additionally, buyers are demonstrating increased readiness to meet or exceed list prices, reflecting a competitive landscape.

Faster sales, higher prices, and strong buyer engagement characterize the current environment. Whether you're looking to buy, sell, or simply stay informed, understanding these trends is key to making informed decisions in today's market.

As always, stay tuned for more updates and insights into the exciting world of real estate. Happy house hunting!

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