I can't believe we're wrapping up another year already! Like I've been saying for the past 5 years, this year was like no other year in real estate. Rates were high, inventory was low, and although the market was slower, prices continued to climb (slowly).
The average price of a single family home was slightly down last month to $459,876. This is just under October's average of $460,667. It is still above last November's average price of $442,389. Some people worry that this market is a bad time to invest in real estate, but people are still building equity, over $1,000 a month on average!
The average days on market rose again from 51 in October to 55 days this last month. It's also up from 41 days last November. It's no secret that the market has been slowing down over the last couple of years, and that trend seems like it will continue for the foreseeable future.
There were 877 single family homes sold through our MLS last month, compared with 1,016 in October. While this is quite a bit lower, it's on par with last November's number of sold homes, 829.
We will have one more month to look at stats and see how 2024 will really finish out, but all in all this year has been slow and uneventful. It is actually a great time to be a homebuyer! You can look at homes at a reasonable pace, take a little time to think it over, and negotiate a little bit, maybe over price or repairs. Would be homebuyers shouldn't be discouraged by rates or prices! Buy what you can comfortably afford now. You will start building equity right away, and you can potentially refinance in the future if/when rates come down. We will all be crossing our fingers for that!
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