Let’s break down the correlation between these real estate metrics to help both buyers and sellers understand the current market conditions according to my Tarrytown November 2024 Residential Housing Market Update.
First, the Months Supply of Inventory being at 5 indicates that there is a balanced market between supply and demand. This means there are enough homes available for sale to meet the current level of buyer demand.
The 12-Month Change in Months of Inventory being at -22% shows a decrease in the number of months it would take to sell all the current inventory at the current sales pace. This indicates that the market is becoming more competitive, with homes selling faster than before.
The Median Days Homes are On the Market being at 43 days shows that properties are selling relatively quickly. This is a good sign for sellers as it means there is strong demand for homes in the market.
The List to Sold Price Percentage being at 96.1% indicates that homes are generally selling close to their listing price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price being at $3,240,000 shows that the market is experiencing higher-priced sales. This could be due to a variety of factors such as location, amenities, and overall market conditions according to my Tarrytown November 2024 Residential Housing Market Update.
Overall, these metrics paint a picture of a market that is balanced, competitive, and active. For buyers, this means they may need to act quickly when finding a home they like. For sellers, this means pricing their home accurately and being prepared for a potentially quick sale.
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.
