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  • Writer's pictureRachel Barrasso

May Market Stats

With summer in full swing (hey 100 degree weather!), we are well into the summer buying season. This is typically a busy time of year for home buyers and sellers and this year is no different. While inventory is still low, there are plenty of great finds out there for a motivated buyer!

For the first time in a long time, the average price for a single family home was down. May, 2024's average home price was $479,843, down from $502,357 in April. This is good news for home buyers but I wouldn't celebrate yet. While I don't have a crystal ball I wouldn't bet that the prices are on the decline. I think we are far from a bubble or a housing crash, but maybe just had a slower month.

The average days on market was 43 days, down from 46 the month before. Not a super significant change but it shows that there has not been much movement in the amount of inventory and buyers compared to previous months.

In May, there were 1,338 homes sold, up from 1,228 homes in April. For reference, in May, 2023, 1,270 homes sold so hopefully, things are trending in the right direction. One month's stats do not create a whole new trend but maybe people who have been waiting to sell are tired of waiting.

All in all, things did shift slightly this month from what we've seen in the past year or two. However, I would hesitate to say the market is shifting unless we see these trends continue for at least a few more months. However, I am hopeful that over the next six months or so the market will be a little kinder to buyers while still being great for home sellers!


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