Let’s take a closer look at these real estate metrics to understand the correlation between them and what they mean for both buyers and sellers in the current market according to my Manor November 2024 Residential Housing Market Update.
First, the Months Supply of Inventory is 3.23, which means that it would take approximately 3.23 months to sell all the current inventory of homes on the market if no new listings were added. This indicates a relatively low supply of homes compared to the demand from buyers.
The 12-Month Change in Months of Inventory is -9.27%, showing a decrease in the number of months it would take to sell all the current inventory compared to a year ago. This suggests a tightening of the market and potentially increasing competition among buyers.
The Median Days Homes are On the Market is 38, indicating that homes are selling relatively quickly in this market. This could be due to high demand and low inventory levels.
The List to Sold Price Percentage is 97.9%, meaning that on average, homes are selling for about 97.9% of their listed price. This suggests that sellers are pricing their homes close to market value and buyers are willing to pay close to asking price.
Finally, the Median Sold Price is $331,500, giving us a sense of the average price at which homes are selling in this market. This information is valuable for both buyers and sellers to understand the current pricing trends.
Overall, according to my Manor November 2024 Residential Housing Market Update, these metrics paint a picture of a competitive real estate market with low inventory levels, quick sales, and homes selling close to their listed prices. Buyers may need to act fast and be prepared to make strong offers, while sellers may find themselves in a favorable position with a good chance of selling their homes for a competitive price. It’s essential for both buyers and sellers to stay informed about market conditions and work with a knowledgeable real estate agent to navigate this dynamic market effectively.
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.
