July 2024 | Real Estate Market Review

Can you believe we are halfway through 2024?!

When schools let out for the summer, we usually see a slight slowdown in the market. For whatever reason this year felt like the market slowed down a little more than usual, but we still pulled some decent numbers in June. 

Our Median Sales Price was up 4.3% from last year and we ended the month of June at a flat $600,000. A 4% Y-O-Y gain in home prices is right where I like to see it! This is very exciting and hopefully we can sustain this number for the next 12 months. A $600,000 Median Sales Price along with 15 Median Days to Contract AND sellers getting 99.5% of List Price Received tells me buyers are still very active and starting to understand interest rates are going to drop drastically anytime soon. This is great news for sellers.

On the flip side of that coin, the “summer-school-slowdown” I was talking about might be showing a light at the end of the tunnel for buyers that have been patiently waiting on the sidelines. When looking at the amount of closed sales and inventory, we see that even though we have fewer New Listings (562 down from 660 in May), we are seeing at uptick in Months Supply of Inventory (2.2 months up from 1.8 in may)! This tells me that sellers are going to have to be more aggressive with their pricing over the next few months.

As I said, June was kind of a strange month in the real estate world, but I feel like we’ll see rates start to come down as we approach the fall surge. Until then, we are just about smack dab in the middle of the dog days of summer. The heat is making open houses no fun and the lake seems to be calling everyone’s name.

Reach out with any questions or concerns and if you know anyone that needs our help!