September 2024 Real Estate Market

The September market? It was dependent on location and preparation for the sale! Some markets were hot and some cooled off. Slower markets present amazing opportunities for buyers and require sellers to be more flexible with their negotiation. They also require sellers to come prepared to market to compete with the inventory.

What's up? 
Months of inventory: up to 3.6 months at a 21% increase over last month, meaning on average, every buyer has 3.6 homes to choose from that fit their criteria. A balanced market is 5-6 months, so we are nearing balance after years and years (and years) of a seller's market. We are still not in a buyer's market.
Median days in the MLS: Up 19 % over last month. Homes will be on the market for a median of 25 days depending on your location, home type, home features, and buyer needs. Many homes are on the market for months, and some are moving in the first few weeks. 
New + active listings: More and more listings are coming on the market, and less are selling. That's how we see an increase in both new and active listings. 

What's down?
Sales volume: To the tune of almost 25%! Big numbers month over month! Historically, this is the height of the selling season, when sellers are able to get the highest prices. 
Closed homes: closings are down nearly 20% from last month. Again, this is a huge market shift, beyond what we are used to seeing this time of year.
Median close price: Home prices at closing are around 2% less month over month. 
Pending sales: It should come as no surprise that fewer homes also went under contract last month, but at a more stable rate, closer to 4%.

Active listings are at the highest point in decades.

Active listings are still less than half of the 2008 crash. The rate of closings is consistent with past years, but lower than the previous few... and that's ok!

Want more market stats or a personalized report for your neighborhood or home? Email me and I can help!