Taking a moment to look back with fresh eyes on how the market shifted in 2024 in relation to the previous year, 2023. Having an understanding of our market as we march into a new year is essential as a buyer or seller.
Looking at the graphic, you can see that most everything in 2024 saw an increase from the previous year. The increase in median sale price isn't radically different from the previous year, but our months of inventory and days on the market saw some substantial change. While a 30.8% increase in "Months of Inventory" sounds a bit dramatic, we are still on the lower end of history when it comes to inventory. We see the same story with the 12.9% increase in time that homes are marketed for until sale, still on the lower end of history's spectrum.
Taking a look at Keeping Current Matters article, Expert Forecasts for the 2025 Housing Market, they appear to be projecting a very minimal shift in mortgage loan rates throughout the 2025 year. So for those who are holding out on lower interest rates, it doesn't appear to be in the cards. So why wait? Contact us at MVP Realty Group to set up a consult today!