March 2024 | Market Update
Market Update
Market Stats
The market data for March 2024 is now available. Here, you'll find detailed statistics on the Monroe County real estate market.
Active Inventory
Our local inventory remains very low, presenting a great opportunity to list your property with minimal competition. As we head into the season, new listings are beginning to increase, which will affect inventory levels in the coming months. Therefore, it's crucial to start preparing now to fully capitalize on the seasonal market.
Another important factor to consider is the 'days on the market,' which helps you plan the timeline for your sale or purchase in the real estate market. As illustrated in the chart below, the days on the market are currently less than a week, creating an environment conducive to quickly selling your property within a week of showings. Buyers must act swiftly and schedule showings promptly upon a property they are interested in hitting the market.
Median Sales Price
The median sales price has recently reached a new lower high at $200,000, marking a back-test to the highs of 2021. Anticipating a rise in the coming months, we can expect prices to trend towards $250,000, possibly even surpassing local highs.
Additionally, it's worth noting the percent of list price received, which has consistently exceeded 100% since 2020. This means that, on average, houses are selling for 16% over the listing price. For instance, at this rate, a $200,000 house would sell for $232,000. This phenomenon may seem unusual if you haven't closely followed the market in recent years. Notably, from 2016 to 2020, the trend was below list price
Conclusion
As we delve into the intricacies of the March 2024 market data, it's evident that the Monroe County real estate landscape continues to evolve. Stay tuned for our analysis and insights into the latest trends shaping the local housing market. If you're interested in discussing how these trends may impact your real estate plans, I'm always available for consultations.
