Market Update: McFerrin Park, Cleveland Park, and Highland Heights
Greetings to all our neighbors and future homeowners! In this month’s market update, we dive into the latest real estate trends and what they mean for you, whether you’re looking to buy, sell, or simply stay informed.
Key Metrics Overview:
- New Listings:Â 25 properties hit the market, offering fresh opportunities for buyers searching for their dream home in our vibrant neighborhoods.
- New Under Contract:Â 11 homes found their potential match, indicating active interest and a competitive environment.
- Active Inventory (Avg):Â With an average of 49 homes available, the selection remains diverse, catering to various preferences and needs.
- Under Contract Inventory (Avg):Â 27 homes are moving towards closing, showing a healthy pipeline of transactions.
- Total Inventory:Â The total number of homes available or in process is 75, reflecting a dynamic market.
- Closings:Â This month, 19 homeowners successfully passed their keys to new owners, marking their new beginnings.
- Average Sale Price:Â At an average of $547,934, the sale price reflects the premium quality and desirable location of homes in our area.
- Median Sale Price:Â The median sale price stands at $540,000, underscoring the steady demand.
- Average Days on Market (DOM) Closed:Â Homes spent an average of 23 days on the market, highlighting quick sales and an active buyer interest.
- Average List Price (Active):Â The current listings are priced at an average of $687,369, offering a range of options from cozy homes to luxurious estates.
- List to Contract (Avg):Â On average, it took 76 days from listing to contract, indicating the time sellers can expect before receiving a solid offer.
- Contract to Closed (Avg):Â The average time from contract to closing is 226 days, including the due diligence period and financing arrangements.
- List to Closed (Avg):Â Overall, the journey from listing to closing averaged 278 days, encompassing all steps of the sales process.
- Months of Supply:Â With 3.32 months of supply, the market is balanced, providing opportunities for both buyers and sellers to achieve their goals.
What This Means for You:
- Sellers:Â The market remains favorable, with a solid average sale price and quick turnarounds. If you’re considering selling, now is a great time to list, with buyers actively searching for homes in our neighborhoods.
- Buyers:Â With a steady influx of new listings and a reasonable months of supply, there are opportunities to find your perfect home. Be prepared for competition, and consider making your best offer upfront.
- Residents:Â The thriving market reflects the desirability and growth of our communities. It’s an excellent time to invest in improvements or consider how changes in the market may impact your future plans.
Looking Ahead:
As we move through the season, we’ll keep an eye on trends and how they may affect our local real estate landscape. Whether you’re buying, selling, or simply love to stay informed, we’re here to provide you with insights and guidance every step of the way.
Stay tuned for next month’s update, and feel free to reach out with any questions or for personalized advice on your real estate journey. Together, let’s make the most of the opportunities in McFerrin Park, Cleveland Park, and Highland Heights.
