The real estate market is currently experiencing a low inventory situation, with only 1.41 months supply of inventory available. This means that there are fewer homes on the market compared to the demand from buyers, leading to a competitive market for sellers.
Over the past 12 months, there has been a significant increase of 25.89% in the months of inventory, indicating a slight shift towards a more balanced market. This could be a result of more homes coming onto the market or a decrease in buyer demand.
Homes are selling quickly, with a median of only 10 days on the market before being sold. This quick turnaround time suggests that buyers are eager to secure properties in this competitive market.
Sellers are also benefiting from the current market conditions, as the list-to-sold price percentage is at a high of 103.4%. This means that on average, homes are selling above their listing price, showcasing the strong seller’s market.
The median sold price for homes in this market is $239,000, indicating a healthy market where sellers are able to command favorable prices for their properties. Overall, the real estate market is dynamic and favorable for both buyers and sellers, with opportunities for both parties to benefit from current conditions.
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Michelle
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