When looking at real estate metrics, there are several key factors that can give insight into the current market conditions according to my Georgetown November 2024 Residential Housing Market Update.
First, let’s talk about the Months Supply of Inventory, which is currently at 3.81. This number represents how many months it would take to sell all the currently listed homes on the market if no new listings were added. A lower number typically indicates a seller’s market, where demand is high and supply is limited.
The 12-Month Change in Months of Inventory is at -6.85%, showing a decrease in inventory over the past year. This could indicate increased demand or a decrease in new listings, which may lead to higher competition among buyers.
The Median Days Homes are On the Market is 65, which means that on average, homes are selling relatively quickly. A lower number suggests a fast-moving market where buyers need to act quickly.
The List to Sold Price Percentage is at 97.6%, indicating that homes are typically selling very close to their listing price. This could mean that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $435,000, giving an idea of the average price of homes sold in the market. This number can help both buyers and sellers understand the general price range of properties in the area.
Overall, these metrics point to a competitive market with limited inventory, quick sales, and homes selling close to their list price. Buyers may need to act fast and be prepared to make competitive offers, while sellers may benefit from pricing their homes accurately to attract motivated buyers according to my Georgetown November 2024 Residential Housing Market Update.
If you would like to know more about what is happening in your particular area, let’s schedule some time to speak. Each market is different and there are micro markets that may provide additional insight. I look forward to discussing what is going on with your area.
