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Key Take-Aways:
- Average sales price dipped month-over-month by 9% to an average price of $359,361. It is too early to say whether or not this is a trend, but this is the lowest average since March 2024.
- While homes are continuing to sell quickly, average days on the market have been increasing recently and are up to 29 days. That being said, homes that are priced well are often still selling within the first few days of being on the market.
- The inventory of homes continues to struggle, with only 611 homes available for sale compared to 695 in December.
- Somewhat surprisingly, the average Sale-to-List price ratio dipped under 100%. We haven’t seen this in our market since 2023, which could be an indication that the market is cooling.
- Interest rates continue to hover around 7% according to Mortgage News Daily, but have started to dip below 7% recently (~6.8% as of 2/24/25).
