As we get into 2024, it’s a good time to reflect on the real estate market’s performance over the past two years. Let’s dive into the numbers and explore the trends that shaped the home sales landscape.
In 2022, a total of 439 homes changed hands, but fast forward to the following year, and the numbers dipped slightly, with 378 homes finding new owners.
One key factor to consider is the pricing dynamics. In 2023, the average list price reached $338,000, while the actual sales price settled at $330,000. This indicates that homes were, on average, selling below their list price. In contrast, 2022 witnessed a different trend, with homes listed at $331,000 and selling for approximately $329,000 – a scenario where sales prices closely aligned with list prices.
A closer look at the data reveals an interesting shift. Buoyed by market conditions, it seems that sellers began pushing the pricing envelope by listing properties at higher values. This shift in strategy is reflected in the average days on market – a key metric that indicates how long it takes for a property to sell. In 2023, this figure rose to 59 days, a noticeable increase from the brisk 27 days recorded in 2022.
Despite a slight decrease in the number of homes sold and a modest increase in days on the market, it’s important to note that the real estate market remains dynamic. Contrary to concerns about a market crash, the data suggests that while homes may take a bit longer to sell, they are still finding buyers. If you have questions about real estate trends, we invite you to reach out.
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