Comparing the state of the market in December 2022 vs December 2023.
Let’s take a closer look at the real estate market’s performance in December 2023 compared to the same period in 2022. Our focus today is on the absorption rate, which signifies the average time it would take to clear out all the inventory.
In December 2023, the inventory saw a slight increase, leading to an absorption rate of a little over two months to sell off all the properties. Contrasting this with the previous year, when it would take just over a month and a half, we observe a significant difference directly tied to the higher inventory levels.
The median list price for homes in December 2023 was approximately $300,000, showing an uptick from $285,000 in 2022. This indicates a noticeable rise in the average home price. The median sales price stood at $259,000 for December 2023 compared to $245,000 in the previous year.
“Whether you’re considering buying or selling, now is an opportune time.”
While the cumulative days on the market remained consistent at around 18 days, it’s essential to note that this timeframe is still relatively short. In comparison to the past, where homes took longer to sell, the current market’s efficiency is commendable, with homes typically selling in about two weeks.
The real estate market continues to favor sellers. Home prices remain robust, and properties are selling swiftly, with a market time of 17 to 18 days. While this might seem slightly longer than in recent years, it’s crucial to appreciate the efficiency compared to historical norms.
Whether you’re considering buying or selling, now is an opportune time. If you’re a buyer, reach out to us for a chance to secure the hottest deals promptly. Sellers can benefit from our fast cash offer, allowing you to close in as little as 77 days or choose a timeline that suits you. We guarantee a cash offer on the spot, or we’ll discuss the market value of your home.
Give us a call today, and let’s navigate the real estate landscape together. The market is hot, and we’re here to ensure you make the most of it.
