Let’s take a closer look at how these real estate metrics are correlated and what they mean for buyers and sellers in the market according to my Kyle November 2024 Residential Housing Market Update.
First, let’s talk about the Months Supply of Inventory, which stands at 3.85. This number indicates how many months it would take to sell all the current homes on the market if no new properties were listed. A lower number typically means a seller’s market, where inventory is low and demand is high.
The 12-Month Change in Months of Inventory is at -10.26%, which means that there has been a decrease in the amount of time it would take to sell all the homes on the market compared to a year ago. This decrease suggests that the market is becoming more competitive for buyers.
The Median Days Homes are On the Market is 62, which shows that homes are selling relatively quickly in this market. This could be due to the low inventory and high demand, leading to a faster turnaround time for sellers.
The List to Sold Price Percentage is at 97.5%, indicating that on average, homes are selling for 97.5% of their list price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to asking price.
Finally, the Median Sold Price is $345,000, which gives buyers and sellers an idea of the average price of homes in this market. This information can help both parties make informed decisions when buying or selling a home.
According to my Kyle November 2024 Residential Housing Market Update, these metrics show a market that is favorable for sellers due to low inventory, quick turnaround times, and homes selling close to list price. Buyers may face competition but can use this information to make strategic decisions in this market.
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.
