Let’s break down these real estate metrics to understand how they are correlated and what they mean for both buyers and sellers in the current market according to my Jonestown November 2024 Residential Housing Market Update.
First, the Months Supply of Inventory is sitting at 11.85, which means that it would take about 11.85 months to sell all the current inventory of homes on the market if no new listings were added. This indicates a buyer’s market, as there is more inventory available than there is demand.
The 12-Month Change in Months of Inventory is showing a positive trend of +4.22%, meaning that inventory levels are increasing over the past year. This could potentially lead to more choices for buyers but might put downward pressure on prices.
The Median Days Homes are On the Market is 54, which indicates that homes are selling relatively quickly. This could be due to a combination of factors such as competitive pricing, desirable locations, or high demand in the market.
The List to Sold Price Percentage is at 97.2%, showing that homes are generally selling close to their list price. This could indicate a balanced market where sellers are pricing their homes competitively and buyers are willing to pay close to asking price.
Lastly, the Median Sold Price is $530,000, giving both buyers and sellers an idea of the average price of homes that are selling in the current market. This information can help both parties make informed decisions when it comes to buying or selling a home.
According to my Jonestown November 2024 Residential Housing Market Update, these real estate metrics suggest that the market is currently favoring buyers due to the higher inventory levels and the relatively lower list to sold price percentage. Sellers may need to be strategic with their pricing and marketing efforts to attract buyers in this competitive market. Buyers, on the other hand, may have more options to choose from but should act quickly when they find a home that meets their criteria.
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.
