Are you keeping an eye on the real estate market trends this November 2024? Whether you're a potential homebuyer or looking to sell, understanding the current housing market is crucial for making informed decisions. In this comprehensive market update, we'll dive into the latest statistics and insights that matter to you.

Median Sales Price Climbs to $345,000

The median sales price for homes has reached $345,000, marking an increase of 5.2% from last year but a slight decrease of 1.4% from last month.

• For Buyers: The small monthly decrease could be a golden opportunity to purchase a home before prices potentially rise again. Acting now might save you money in the long run.

• For Sellers: The year-over-year increase indicates that your property's value has appreciated. It's an excellent time to maximize your return on investment.

Homes Spending More Time on the Market

The average days on market is now 22 days, an increase of 22.2% from last year and a 2.3% increase from last month.

• For Buyers: With homes staying on the market longer, you have more time to explore options without rushing. Use this period to negotiate better terms.

• For Sellers: A longer selling period means it's essential to make your property stand out. Consider enhancing curb appeal or adjusting your pricing strategy to attract buyers faster.

List Price to Sales Price Ratio Slightly Decreases

The average list price to sales price ratio is 99.6%, a decrease of 0.7% from last year and a 0.1% decrease from last month.

• For Buyers: This slight dip suggests more room for negotiation. Don't hesitate to make offers below the asking price.

• For Sellers: While there's a minor decrease, homes are still selling close to their listing prices. Pricing your home competitively remains key.

Months Supply of Inventory at 2.3 Months

The months supply of inventory stands at 2.3 months, showing a 1.7% increase from last year but a 2.2% decrease from last month.

• For Buyers: An increased supply compared to last year means more choices are available. It's an opportune time to find a home that fits your needs.

• For Sellers: The monthly decrease in inventory tightens the market, potentially leading to more competition among buyers and better offers for your property.

Additional Insights Impacting the Real Estate Industry

Mortgage Rates Trending Downward

Mortgage interest rates are hovering in the low 6% range, with a possibility of dipping into the high 5% range soon.

• For Buyers: Lower interest rates mean more affordable monthly payments. Securing a mortgage now could save you thousands over the life of your loan.

• For Sellers: Favorable rates can increase buyer demand, making it a great time to list your property.

Post-Election Market Stability

With the presidential election behind us, market uncertainty has diminished.

• For Buyers and Sellers: A stable political climate boosts consumer confidence, which often leads to a more active real estate market benefiting all parties.

Technological Advancements in Real Estate

The industry continues to embrace technology with virtual tours and online transactions becoming more commonplace.

• For Buyers: You can explore more homes conveniently through virtual tours, broadening your options.

• For Sellers: Leveraging technology can showcase your property to a wider audience, including out-of-town buyers.

Why Timing Is Crucial Right Now

According to a recent Bankrate survey, 52% of buyers would be motivated to purchase if rates drop below 6%. With rates possibly entering the high 5% range, buyer demand could surge, leading to increased competition and higher home prices.

• For Buyers: Acting now may allow you to purchase before the market heats up, ensuring better prices and more choices.

• For Sellers: Increased buyer demand can result in multiple offers and potentially higher selling prices for your property.

Final Thoughts

The November 2024 real estate market presents unique opportunities for both buyers and sellers. Understanding these trends can help you navigate the market confidently.

• Buyers: Take advantage of the current conditions to find your ideal home at a favorable price and interest rate.

• Sellers: Leverage the appreciating property values and decreasing inventory to maximize your sale.

If you're considering buying or selling a home or have questions about the market, reach out to me. Let's work together to make the most of this market sweet spot.