Cornelius, NC Real Estate Market Trends For January 2024

When it comes to the real estate market, several key metrics can help buyers and sellers understand the current trends and dynamics. Let’s take a closer look at the correlation between these metrics to gain valuable insights.

Months Supply

Firstly, let’s consider the “Months Supply of Inventory,” which stands at 1.66. This metric represents the number of months it would take to sell all the current homes on the market if no new listings were added. A lower supply indicates a seller’s market, where demand exceeds supply, potentially leading to rising prices and quicker sales.

Next, we have the “12-Month Change in Months of Inventory,” which shows a decline of -26.87%. This decline suggests a significant decrease in the number of months it would take to sell the available inventory compared to the previous year. Such a drop in inventory can be indicative of a highly competitive market, where buyers may face more limited choices and potentially encounter bidding wars.

Days On Market

Moving on, the “Median Days Homes are On the Market” is 38. This metric indicates the average number of days it takes for a home to sell after being listed. A lower median days on the market suggests a faster-paced market where homes are being snatched up relatively quickly. This could indicate strong buyer demand or well-priced listings.

Sale Price Versus List Price

The “List to Sold Price Percentage” is another important metric, currently standing at 96.5%. This percentage represents the ratio of the final sold price to the initial listing price. A higher percentage suggests that homes are generally selling close to or at the asking price. This is great news for sellers as it indicates a market where buyers are willing to pay close to the listing price.

Median Sold Price

Lastly, we have the “Median Sold Price,” which currently sits at $756,250. This figure represents the midpoint of all the sold prices in the market. A higher median sold price indicates a higher average sales price for homes, which can be reflective of a strong market or desirable location.

What The Numbers Mean

For buyers, these metrics indicate a competitive market where they may need to act swiftly and be prepared to pay close to the listing price. However, sellers can take advantage of the current conditions, as the market appears to be favorable for them, with limited inventory and a high likelihood of achieving their desired sale price.

Conclusion

In conclusion, the correlation between these real estate metrics suggests a seller’s market with low inventory, increasing prices, and quick sales. Buyers should be prepared for competition, while sellers can potentially benefit from the current market conditions.

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