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Hey everyone, Cody Wohlschlegel here, bringing you the November 2024 Market Update. Let’s take a straightforward look at what’s happening in our market, including home prices, inventory, and interest rates. Is the market down trending? Here’s what the data says.

Home Prices: Flat but Steady

The median sale price is right where it was at this time last year. 

For some context, the lowest sale this month was a small two-bedroom, one-bathroom home built in 1920, sold for $150,000.

The median home sale? A well-maintained four-bedroom house with a great kitchen and a nice back deck, sold for $425,000.

On the higher end, the most expensive home sold for $912,000—a beautiful five-bedroom home on 1.5 acres with updated features. 

Inventory and Market Activity

Inventory is still tight, with 328 active single-family listings, down 1% from last month. New listings are down 26%, and pending sales dropped 39%, I wouldn’t read to much into this yet. Having the Thanksgiving holiday can result in lower pending's. We’re still holding at 2.7 months of inventory, which means we’re firmly in a seller’s market.

Interest Rates and Winter Trends

Interest rates are staying in the 6.5% range. While they’re not ideal, they’re manageable if you’re serious about buying. Remember, the market naturally cools off in the winter, and that’s exactly what we’re seeing. Expect these trends to hold steady until spring when more sellers traditionally come to market.

What This Means for You

If you’re thinking about buying, now’s the time to plan your strategy and make sure you’re prepped for those winter deals. Sellers, fewer listings mean less competition, so it’s still a good time to sell if your home is priced right.

Got questions or thinking about making a move? Reach out anytime—I’m here to help with your buying or selling journey.

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Cody Wohlschlegel REALTOR® | CW Real Estate | Silvercreek Realty Group