Let’s take a closer look at the real estate market with these key metrics for the Lakeway November 2024 Residential Housing Market Update.
First, the Months Supply of Inventory is 5.09, which means that at the current rate of sales, it would take approximately 5.09 months to sell all the homes on the market. This indicates a balanced market where neither buyers nor sellers have a significant advantage.
The 12-Month Change in Months of Inventory is -15.17%, showing a decrease in the amount of time it would take to sell all the homes on the market compared to the previous year. This could be a positive sign for sellers as it may indicate increasing demand for homes in the area.
The Median Days Homes are On the Market is 66, suggesting that homes are selling relatively quickly in this market. This could be due to factors such as high demand, low inventory, or attractive pricing.
The List to Sold Price Percentage is 97%, indicating that, on average, homes are selling very close to their listing price. This could mean that sellers are pricing their homes accurately or that there is strong competition among buyers.
Lastly, the Median Sold Price is $643,500, giving us an idea of the typical price range for homes in this market. This information can be helpful for both buyers and sellers in understanding the value of properties in the area.
Overall, these metrics paint a picture of a dynamic real estate market with relatively quick sales, strong pricing, and potential opportunities for both buyers and sellers. It’s important to keep an eye on these trends and consult with a real estate professional for personalized guidance in navigating the Lakeway 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.
