Monthly Market Update - February 2024

The market started to heat up in February. Median close price is up 2% over last month. Months of inventory dropped nearly 20% and is sitting at 1.93 months, which means on average, buyers have 1.93 homes to choose from right now that fit their requirements. Days on market for listings is down 36%, so on average, if your home is listed right now, it will be on the market for 23 days. We have 30% more listings on the market compared to last month and pending sales are also up almost 13%. Buyers are out looking. Sellers are prepping their homes for the market and those that are looking their best are receiving multiple offers. It’s all happening, despite the headlines. And none of it is luck or accidental - it’s all about working with an amazing Realtor (hi!) to make your home dreams a reality.

Looking at pending sales, we are well aligned with past February’s. You can see the drop-off in 2023 of pending sales from the interest rate hikes.

Real estate continues to be a good investment over time. You can see the increase in median and average close prices below over the past 10 years. Despite small dips over the last few years, close prices are remain on the rise, and far above a decade ago.

Sellers, we are just getting into the spring market madness. Average days on the market is starting to drop, but you can expect your home to be on the market for 1.5 months on average.

Want to talk about any of this data or any of the other data I receive as a DMAR Realtor? Just reach out. I’ve got you covered!

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