We said goodbye to 2024 this week, but will we say goodbye to this slow and steady market? Let's see!
The average price of a single family home stayed almost just the same at $458,004 compared to the previous month's average price of $458,524. This is also just barely higher than last December's average price of $452,405. Homes are still appreciating but at a much slower rate than previous recent years. Still, an extra $6,000 per year is nothing to cry about!
Homes are staying on the market longer now, an average of 54 days on the market. This is slightly lower than the previous month's 56 day average but about a week longer than last December's average days on market of 46. People are really settling into the idea of taking their time looking at homes, which I think is a good thing! The last thing you want to feel pressured into buying on the spot is your home!
Finally, the number of homes closed in December was a little higher, 952 homes compared to 896 the month before and 848 a year ago. Does this mean more options for buyers? Let's hope!
All in all, the market is still holding strong. Nothing exciting to report. While a month of higher home sales is a promising sign, I never get too excited about one month of anything. But hopefully it becomes a trend. We will keep watching and seeing what the promise of lower interest rates does to the market!
Happy New Year!
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