Real Estate Market Snapshot: Trends and Insight for 24153

Market Snapshot: Trends and Insights for 24153

In the ever-changing real estate market, it's essential to stay updated on the latest trends to make informed decisions. Here’s a quick snapshot of the current market trends, specifically focusing on the changes in home values, list prices, and sales prices as of June 30, 2024.

1. Home Values on the Rise

The median estimated home value in the market has reached **$313K**, marking a steady upward trend over the past few years. Here’s a closer look at the changes:

12-Month Change: Home values have increased by 10.36% over the last year.

24-Month Change: Over the past two years, the increase is even more pronounced at 15.31%.

36-Month Change: A significant 37.67% rise in home values has been observed over the last three years.

This consistent appreciation in home values highlights a strong market, making it a potentially lucrative time for homeowners looking to sell or refinance.

2. List Prices: A Mixed Bag

The median list price currently stands at $399,000. However, the recent trends show some fluctuations:

Last Month: There was a slight decrease of 1.37% in list prices.

Last 3 Months: The change was minimal, with a 0.13% decrease.

Last 12 Months: Despite recent drops, the list price has increased by 3.83% over the past year.

Last 24 Months: Over two years, the list price has risen by 11.74%.

While list prices have shown some minor short-term declines, the overall trend over the last two years suggests a positive growth trajectory, indicating resilience in the market.

3. Sales Prices: A Recent Decline

The median sales price is currently $292,000, showing a more challenging environment for sellers recently:

Last Month: Sales prices have dropped significantly by 17.89%.

Last 3 Months: A decrease of 10.02% over the last quarter.

Last 12 Months: There was a slight 3.8% decrease in sales prices over the past year.

Last 24 Months: The sales prices have fallen by 10.58% over the last two years.

This decline in sales prices, especially the sharp drop in the last month, indicates that buyers might have more negotiating power in the current market, potentially leading to a buyer’s market.

Conclusion

The real estate market as of mid-2024 shows a complex landscape. Home values have consistently risen, reflecting long-term growth and stability. However, the recent declines in list and sales prices could signal a short-term market correction or a shift in buyer-seller dynamics.

For buyers, this might be a good opportunity to purchase homes at slightly lower prices, while sellers may need to adjust their expectations or wait for a more favorable market condition. Staying informed and consulting with real estate professionals can help navigate these trends effectively.