Realcomp October 2024 Data: What Homebuyers and Sellers Need to Know
Donald Horne, Broker / Owner, Team Success Listing LLC
The Michigan real estate market in October showcased stability and subtle shifts, as highlighted by the latest data from Realcomp. Whether you’re buying or selling, these trends could influence your next move.
Closed Sales: Held steady at 0%, reflecting consistent transaction levels compared to last year.
Pending Sales: Also at 0%, indicating buyer activity remains steady despite market changes.
Median Sale Price: Increased by 6%, showing sustained growth in home values due to demand.
New Listings: Rose by 7%, providing buyers with more inventory options.
Homes On Market: Jumped by 16%, marking a notable rise in available inventory that could shift the balance between supply and demand.
Average Days on Market: Increased to 36 days, up by 5 days, hinting at slightly slower sales cycles.
What Does This Mean for Buyers?
The rise in available homes (16% increase in total market inventory) and new listings (up 7%) gives buyers more choices. However, with the median sale price climbing by 6%, it’s crucial for buyers to work with us to navigate competitive pricing and negotiate effectively.
What Does This Mean for Sellers?
Sellers are still benefiting from increasing home values, as seen in the rise in the median sale price. However, homes are taking a bit longer to sell, with the average days on market increasing to 36 days. Pricing your home competitively and ensuring it stands out through proper staging and marketing are more important than ever in this balanced market.
Local Insights for Lapeer County, MI
In Lapeer County, the trends are largely aligned with state-level data, though local market dynamics may amplify these changes. The increase in inventory could ease pressure for buyers seeking homes in desirable neighborhoods, but sellers must be prepared for slightly longer sale timelines. For Lapeer County homeowners, pricing correctly and presenting your home well can make all the difference in attracting motivated buyers.
Stay Ahead of the Market
Whether you’re planning to buy your dream home or sell your current property, these statistics highlight the importance of staying informed. Working with Donald Horne, experienced real estate broker who understands both state and local markets is key to making the most of these trends.
Want to discuss your goals or explore your options in Lapeer County or beyond? Let’s connect!
Donald Horne / Broker-Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com / 1-810-338-0628
https://www.teamsuccesslisting.com
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