Stay informed with the latest market insights for June 2024.
Are you wondering how the real estate market changed over the last year? June 2024 brough some interesting shifts in median prices, sales, and inventory levels. As a sales manager and an associate broker, I’m here to give you a quick market recap for June 2024 compared to June 2023. Here are the stats you need to know based on our current market:
Median List Price:
- June 2024: $335,000
- June 2023: $310,000
- Increase: $25,000 (8%)
Median Sales Price:
- June 2024: $285,000
- June 2023: $275,000
- Increase: $10,000 (3.64%)
Average Days on Market:
- June 2024: 7 days
- June 2023: 6 days
- Trend: Slight increase but still a quick market
Absorption Rate:
- June 2024: 2.11 months
- June 2023: 1.49 months
- Interpretation: It would take just over two months to sell all current inventory, indicating a healthy market.
Interest Rates:
- Fluctuating between mid-6% to just over 7%, influenced by various factors like credit scores, down payments, and loan programs.
The increase in both median list and sales prices indicates a robust market where property values are rising, which is great news for sellers. The quick turnaround in average days on market shows that well-priced homes are still selling fast, typically within the first week. The absorption rate suggests a balanced inventory, neither too high nor too low.
If you’re considering selling your home, now is a good time, given the rising prices and quick sales. For buyers, the market is competitive, but real estate remains a solid investment, especially with appreciating values.
At JP Pirtle Realtors, we are committed to providing trustworthy service, whether you’re looking for a quick cash offer or need assistance finding your first home. We have years of experience and a deep understanding of the market, making us the perfect partner for your real estate needs. Just call or email us with any questions. We look forward to hearing from you!
