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Key Take-Aways:
- The Average Sales Price stayed relatively flat at $358,442 compared to $359,361 the previous month. It is too early to say whether or not this is a trend, but this is the lowest average since March 2024.
- While homes continue to sell quickly, the Average Days on Market has been trending upward recently, increasing from 29 days to 39 days. That being said, homes that are priced well still sell within the first few days of being on the market.
- The inventory of homes continues to struggle, with only 568 homes available for sale compared to 611 in December. Inventory levels tend to increase in the Spring and Summer months, which is a trend our market sorely needs.
- Notably, the Average Sale-to-List Price Ratio again fell below 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 (~6.75% as of 2/24/25).
