McFerrin Park, Cleveland Park, and Highland Heights Real Estate Market Update – July 2024
Welcome to your monthly real estate market update for McFerrin Park, Cleveland Park, and Highland Heights. As we dive into the latest data, we aim to provide you with a clear picture of the current trends and practical insights to help you navigate the market. Whether you’re a buyer, seller, or simply keeping an eye on the local real estate scene, this update is for you.
Market Overview
New Listings
In June 2024, there were 33 new listings in the combined neighborhoods, representing an 18% increase compared to June 2023. This increase in new listings suggests a growing interest in selling properties in these areas.
New Under Contract
There were 12 new homes under contract in June 2024, which is a 25% decrease from the previous year. This indicates a slowdown in the number of homes entering into agreements, possibly due to market conditions or buyer hesitancy.
Active Inventory
The average active inventory for June 2024 was 81 homes, a significant 59% increase from June 2023. This rise in active inventory shows that more homes are available on the market, providing buyers with more options.
Under Contract Inventory
The under contract inventory averaged 20 homes, showing a 21% decrease from the previous year. This decline aligns with the decrease in new contracts, indicating a slower pace in converting listings to sales.
Total Inventory
The total inventory in June 2024 was 101 homes, a 32% increase from June 2023. This is a healthy sign of a growing market with more properties available for prospective buyers.
Closings
In June 2024, there were 15 closings, a 12% decrease compared to June 2023. This drop in closings might suggest longer negotiation times or more selective buyer behavior.
Sale Price (Average)
The average sale price in June 2024 was $589,073, marking a 20% increase from the previous year. This significant rise indicates strong market appreciation and growing property values in the area.
Sale Price (Median)
The median sale price for June 2024 was $480,000, a 4% increase from June 2023. This steady growth in median sale price suggests that mid-range homes are also appreciating in value.
Average Days on Market (DOM)
The average days on market for closed homes was 37 days in June 2024, a substantial 106% increase from June 2023. Homes are staying on the market longer, which could reflect more cautious buyer activity or higher inventory levels.
Average List Price (Active)
The average list price for active homes was $709,964 in June 2024, a 3% increase from the previous year. This suggests that sellers are confident in the market’s ability to support higher asking prices.
List to Contract (Average)
The average number of days from listing to contract was 219 days, a significant 307% increase from June 2023. This increase indicates a lengthier process in finding buyers.
Contract to Closed (Average)
The average days from contract to closed was 170 days, up 127% from the previous year. This longer duration could be due to extended negotiations or more complex closing processes.
List to Closed (Average)
The total average days from listing to closing was 292 days, a 137% increase from June 2023. This comprehensive duration highlights the extended timeline for real estate transactions in the current market.
Months of Supply
The months of supply for June 2024 was 6.16 months, a 63% increase from the previous year. This indicates a more balanced market, shifting slightly towards a buyer’s market with more inventory available.
Practical Advice for Buyers and Sellers
For Buyers:
- Explore Your Options:Â With increased inventory, buyers have more choices. Take the time to find the perfect home that meets your needs.
- Be Prepared for a Longer Process:Â The extended days on market and longer closing times mean you should be prepared for a potentially lengthier buying process.
- Consider Future Appreciation:Â Despite the longer timelines, the market is appreciating. Investing now could yield significant returns in the future.
For Sellers:
- Price Competitively:Â With a higher average sale price, ensure your home is priced to attract serious buyers while remaining competitive.
- Prepare for Market Conditions:Â Be ready for your home to stay on the market longer and plan accordingly. Quality staging and marketing can help shorten this period.
- Be Patient:Â The longer average list to contract and contract to close times mean patience is crucial. Trust the process and work closely with your real estate agent.
Conclusion
The real estate market in McFerrin Park, Cleveland Park, and Highland Heights is experiencing growth and increased inventory. Whether you’re buying or selling, understanding these trends will help you make informed decisions. Stay tuned for next month’s update, and feel free to reach out with any questions or for personalized advice.
