LATEST REAL ESTATE MARKET REVIEW
Let’s analyze this data! I can explain it simply for you!
Latest Key Trends:
- Prices Are Slowly Going Up:
- The average home sold for $339,000, which is a little higher than last month (+1.2%) and a lot higher than the same time last year (+6.9%).
- Homes are also getting pricier on a per-square-foot basis, meaning you’re paying more for the same space.
What This Means: If you’re buying, prices are creeping up. If you’re selling, your home is likely worth more now than a year ago.
- Homes Are Selling Faster:
- It takes about 22 days for most homes to sell, which is faster than last month and much faster than last year.
What This Means: If you’re selling, this is good news—buyers are eager, and homes are selling quickly. If you’re buying, you need to act fast when you find a house you like.
- Sellers Are Getting Close to Their Asking Prices:
- On average, homes are selling for almost exactly the price sellers are asking (99.8% of the asking price).
What This Means: As a seller, you’re in a strong position to get the price you want. As a buyer, don’t expect to negotiate huge discounts.
Challenges in the Market
Fewer Homes Are Available:
- There are about 3,587 homes for sale, which is slightly less than last month. New listings (freshly posted homes for sale) have also dropped by -9.4% compared to October.
What This Means: If you’re buying, you’ll have fewer options, making it more competitive. If you’re selling, limited inventory can work in your favor because buyers have fewer choices.
Number of Homes Sold Has Dropped:
- Only 1,447 homes were sold in November, a big drop compared to October.
What This Means: This could be due to the holiday season when fewer people are buying homes.
Lessons for Buyers and Sellers
If You’re Thinking of Selling:
- Act Now: The market favors sellers. Homes are selling fast, and you’re likely to get a great price if you list your home soon.
- Make Your Home Stand Out: With fewer new listings, presenting your home well (staging, photos, etc.) can attract serious buyers quickly.
If You’re Thinking of Buying:
- Be Prepared: The competition is strong. Get pre-approved for a mortgage and be ready to make a serious offer quickly.
- Expect Higher Prices: Prices are rising, so it might cost more if you wait longer.
What to Expect in December and January
Seasonal Slowdown:
- December and January usually see fewer home sales because people focus on the holidays.
- Expect a slight dip in activity, but serious buyers and sellers will still be in the market.
Prices May Stay High:
- With limited homes for sale, prices are unlikely to drop. If anything, they’ll hold steady or rise slightly.
Opportunities for Buyers:
- You may face less competition in the winter months, as fewer buyers actively search for homes.
Opportunities for Sellers:
- Serious buyers in winter are often motivated to close deals quickly, so it’s still a good time to sell.
Final Advice
- For Sellers: Don’t wait too long to list your property. The spring market often brings more competition.
- For Buyers: If you find a home you love, don’t hesitate to make an offer. Prices may continue to rise in 2025.