Hey there, potential homebuyers! Let’s dive into some key real estate metrics that can help you better understand the current market conditions.
First up, we have the Months Supply of Inventory, which is sitting at 5.94. This metric tells us how long it would take to sell all the homes currently on the market, given the current pace of sales. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
Next, we have the 12-Month Change in Months of Inventory, which has seen a significant increase of +222.83%. This tells us that inventory levels have been rising over the past year, giving buyers more options to choose from.
The Median Days Homes are On the Market is 39, showing that homes are selling relatively quickly in this market. This could indicate strong buyer demand or well-priced properties.
The List to Sold Price Percentage is 96.8%, indicating that homes are typically selling very close to their listing price. This could suggest that sellers are pricing their homes accurately, leading to quicker sales.
Lastly, the Median Sold Price is $300,000, giving you an idea of the average price point in this market. Knowing this can help you determine if your budget aligns with the current pricing trends.
Overall, these metrics paint a picture of a market with increasing inventory, quick sales, and homes selling close to their listing prices. As a buyer, this information can help you navigate the market and make informed decisions when it comes to purchasing a new home. Happy house hunting!