State of the Market January 2023 VS 2024

Real Estate Market Update: A Closer Look at the Numbers

New Listings Surge by 18%

The real estate market has seen a significant boost in new listings, with an impressive 18% increase. Sellers are taking advantage of the favorable conditions, putting their properties on the market and attracting potential buyers.

Pending Sales Show Steady Growth

Pending sales have also experienced positive momentum, rising by 8%. Buyers are actively engaging in the market, signaling a healthy demand for homes. This trend bodes well for both sellers and real estate professionals.

Closed Sales Maintain a Steady Climb

Closed sales have seen a modest but consistent growth, with a 3.2% increase. Transactions are closing successfully, and buyers are finding their dream homes. The market remains active, even as we navigate changing economic conditions.

Days on Market Decrease

One of the most encouraging trends is the reduction in days on market. Properties are selling faster, with the average time decreasing by 8.2%. Buyers are making quicker decisions, and well-priced homes are attracting attention almost immediately.

Median Sales Price Edges Upward

The median sales price has inched up by 2.3%, reflecting the overall strength of the market. Sellers are benefiting from competitive pricing, and buyers are willing to invest in quality properties. It’s a win-win situation for all parties involved.

Federal Reserve Interest Rate Outlook for 2024

The Federal Reserve has maintained its benchmark interest rate in the range of 5.25% to 5.50% since July 2023, which is significantly higher than typical levels over the past decade. However, experts anticipate that the first rate cut will likely occur in either May or June 2024. If this projection holds, the rate would be adjusted to 4.00% to 4.25% by the end of the year.

In summary, the real estate market is vibrant and dynamic. New listings, pending sales, and closed transactions are all on the rise, while days on market are decreasing. Whether you’re a buyer or a seller, now is an opportune time to engage in the real estate market.

Stay tuned for further updates as we continue to monitor these trends. If you’re considering buying or selling, reach out to our experienced team for personalized guidance. Happy house hunting!

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Buyers:

If you're a buyer and have questions about the home buying process, be sure to download my Ultimate Buyers Guide.

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Sellers:

If you’re a seller, now might be the right time for you to put your home on the market. Wondering What Your Home Is Worth? I would love to help. Let's connect and set up a time to talk about your goals and plans for selling!

Check Out My Sellers Guide To Learn More About What I Do For My Clients To Get Them Top Dollar!

Also Go To My WEBSITE For More Information About Selling Your Home And My Sellers Tips Blogs.