Our Neighborhood Real Estate Snapshot – January 2024
As we settle into the new year, let’s take a moment to reflect on the vibrant real estate landscape of McFerrin Park, Cleveland Park, and Highland Heights. It’s been a dynamic start to 2024, and we’re here to break down what this means for homeowners and prospective buyers alike.
Fresh on the Market
January saw 24 new listings spring up, offering a variety of choices for those looking to call our neighborhoods home. The energy is palpable as we see fresh “For Sale” signs dotting the streets, each promising a new opportunity.
Homes Under Contract
Hopeful buyers have been active, with 19 properties moving under contract. This signals a robust interest in our local market, showcasing the desirability of our community’s charm and warmth.
Inventory Insights
On average, there were 43 active listings throughout the month, coupled with an average of 24 homes under contract. Together, this brought our total inventory to 67 homes. What does this mean for you? Choices. Whether you’re buying or selling, options are abundant.
Closing the Deal
A total of 7 homes closed in January. With an average sale price of $684,193 and a median at a slightly higher $710,000, it’s clear that our neighborhoods remain a sought-after locale. Homes spent an average of 33 days on the market before being snapped up, a testament to the area’s appeal and the efficiency of our market.
Pricing Perspectives
The average list price for active homes was $708,076, indicating a market that’s holding strong. The journey from listing to contract averaged 111 days, while the stretch from contract to closing took about 297 days, culminating in an average of 384 days from list to closed. These figures reflect a market that values due diligence and thoughtful decision-making.
A Look Ahead
With an average of 7.91 months of supply, we’re leaning towards a buyer’s market, offering an advantageous position for those looking to invest in our neighborhoods. It’s a great time to explore your options and find a place to plant roots.
As we navigate the ebbs and flows of real estate in McFerrin Park, Cleveland Park, and Highland Heights, remember that every number reflects a story—a family finding their first home, a couple downsizing to something cozier, or an individual discovering their dream space. Here’s to creating more stories in the months to come.
