October 2024 - Market Update

You might not be getting the election ads/texts/emails/canvassers after this week, but you will still get my market update!

Our market has been all over the place over the last couple of months and it was mostly due to the election. Both buyers and sellers felt anxious making any moves until the election was over. Now that we have a president elect, I’m hoping for a little more balance in the real estate world.

October is usually a pretty strong month for real estate here with people trying to get settled into a place before the holidays hit. However, the election had our numbers resembling a December more than an October.

Our Median Sales Price dropped to $586,000 which is still 1.9% up year over year. I think this is a good price for us at this time and I’m comfortable with it being under $600,000 with rates where they’re at.

We had almost 6% fewer new listings hit the market in October than we did in September and it took 33 days for a new listing to get into contract. That’s up 20% over last year. 

We ended the month with a measly 1,019 active listings which squeezed the active buyers a little. We are still under that 3 months of active inventory that I’d like to see us reach. 

It’s a fun time to be a buyer even though rates would lead you to believe otherwise. With homes sitting on the market for a little longer than normal, sellers are getting a little antsy and almost desperate for offers. We have seen sellers take a little more off the top than we have seen in quite some time. 

Sellers need to remain diligent in pricing their home correctly. Unless you’re waiting until spring to sell, you are most likely going to have to accept a number under your Zillow Zestimate. 

I hope this helps everyone in their decisions moving into the holiday season. Please reach out with any questions regarding the market!