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What's Going on with the Real Estate Market May 2024

What’s Going on in the Real Estate Market Right Now – May 2024

PRICES, INVENTORY & SALES

THE MEDIAN SINGLE-FAMILY HOME SALES PRICE IN APRIL 2024 WAS UP 5.6%. THE MEDIAN CONDO PRICE ROSE 5.4% TO HIT AN ALL TIME HIGH. MEDIAN HOME PRICES USUALLY PEAK FOR THE CALENDAR YEAR IN LATE SPRING.
THE NUMBER OF NEW LISTINGS IN APRIL 2024 WAS UP 12%, HITTING ITS HIGHEST MONTHLY QUANTITY SINCE MID 2022. THE NUMBER OF HOME SALES INCREASED 16% TO ITS HIGHEST COUNT SINCE AUTUMN 2022 & SHOULD CONTINUE TO RISE IN COMING MONTHS.
MONTHLY OME SALES JUMPED 11% FROM MARCH & ROSE 7% FROM APRIL 2023. AS A PERCENTAGE OF SALES, LISTING SELLING FOR OVER $1M CONTINUED TO GO UP, WHILE SALES BELOW $100K WENT DOWN.
IN APRIL, ABOUT 68% OF SALES WENT INTO CONTRACT IN LESS THAN A MONTH. 27% CLOSED OVER LIST PRICE. AND 27% WERE PURCHASED WITH ALL CASH.
THE MEDIAN DAYS ON MARKET TO ACCEPTANCE OF AN OFFER WENT DOWN TO 26 DAYS. THE AVERAGE NUMBER OF OFFERS RECEIVED ON A LISTING INCREASED TO 3.2 OFFERS.
AS OF MAY 21, 2024, ALMOST ALL ECONOMIC INDICATORS HAVE IMPROVED FROM APRIL. INFLATION HAS DECLINED, STOCK MARKETS HAVE HIT NEW HIGHS & INTEREST RATES WENT DOWN TO WHERE THEY WERE BEFORE APRIL.