While the weather took a serious dive this past month, the real estate market saw an uptick with an increase in home prices, new listings, and properties going under contract! This is on par with many buyers and sellers wanting to spend the holiday in their new home.

Noteworthy Highlights:

• Year over year, there has been a pretty sizable increase in homes for sale - there were about 25% more listings this November than last.

• Under contracts have increased by 8.26% and buyers and sellers are motivated to finalize everything before the holidays.

• The median days on the market stayed the same as well, meaning the speed with which homes go under contract is not drastically changing. There are many people still buying, and with the market remaining competitive, being able to see the property as soon as possible wil only be helpful to you.

• The median sales price has increased from $400,000 to $439,150. Home prices are continuing to increase, but as the seasons change the prices will start to come down.

• There were 21 properties that went back on the market in November, and sellers are motivated to sell. Throughout the winter seasons, sellers will be willing to negotiate and may even accept a lower asking price.

• There is a 26.4% decrease in home closed, which we can relate towards seasonality in the market, the changing seasons, the market slowing down, and the low inventory.

Overall it’s been a more competitive market. We’ve seen an increase in prices, new listings, and properties going under contract. But we continue to see a decrease in closed homes. Buyers are more hesitant to buy due to the interest rates, but that definitely isn’t stopping them from taking a look at what’s out there and making offers!

Different factors impact the market and there are specific ways to track the best times to buy, when the most properties come on the market, when there’s more competition and more. As we transition into the winter season, we can expect home prices to decrease as the market cools off. Then once we hit 2024 and we see lower interest rates, we can expect an increase in the market. The spring time welcomes more buyers - which means the market will become even more competitive, an increase in properties going on the market, and an increase in home prices. But with everyone waiting for rates to decrease, the spring will turn into a competitive market, so buying this winter is a great option if you’re looking for motivated sellers and low competition. In the spring, the rate of properties going on the market will start to increase and since more buyers will be looking for homes, the housing inventory will remain low. Now that we know more about seasonality, we can predict that prices will increase in that time of year, which means buyers are risking the chance of not being able to afford as much as they can if they were to buy now.

Seasonality in the real estate market is a great way to track patterns throughout the real estate market. When you work with an agent, they can provide specific insights to the current market, help educate you on why different seasons influence the market, and make strategic decisions that benefit you and your buying or selling process. Working with an Agent who understands seasonality and the patterns that involve demand, pricing, and inventory can make a huge difference in your real estate experience.

Want to know more about the current market, where it's headed, and what your options are? Reach out to talk further.

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