Let’s break down these real estate metrics to understand how they are correlated and what they mean for buyers and sellers in the September 2024 Market Update.
First, the Months Supply of Inventory is 3.97, which means that at the current rate of sales, it would take approximately 3.97 months to sell all the homes on the market. This number is important because it gives us an indication of market conditions – a lower number typically indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is +7.59%, which means that the supply of homes on the market has increased by 7.59% over the past year. This could be a sign of a shifting market, with more inventory becoming available.
The Median Days Homes are On the Market is 69, which tells us how long it typically takes for a home to sell. A lower number here suggests a faster-moving market, while a higher number indicates a slower market.
The List to Sold Price Percentage is 98.4%, which means that homes are typically selling for 98.4% of their list price. This can give sellers an idea of how much they might expect to receive for their home, based on the list price.
Finally, the Median Sold Price is $374,500, which gives us an indication of the average selling price in the market. This number can be helpful for both buyers and sellers in determining a fair price for a home.
Overall, the September 2024 Market Update metrics are interconnected – a higher Months Supply of Inventory and Median Days on the Market could indicate a softer market, while a higher List to Sold Price Percentage suggests that homes are selling close to their list price. Buyers and sellers should pay attention to these metrics to make informed decisions in the real estate market.
If you would like to know more about what is happening in your particular area, let’s schedule some time to speak. Each market is different and there are micro markets that may provide additional insight. My team and I at Uncommon Realty are here to help you. I look forward to discussing what is going on with your area.
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