As we get closer to winter, real estate sales historically start to slow after a busy summer and fall. Major events (like a national election) tend to cause potential buyers and sellers to wait on the sidelines until the dust settles. When you look at September numbers, courtesy of our local MLS the Real Estate Information Network (REIN) you will see that both the median sale price and number of active listings have increased along with the pending sales. Interestingly, the settled sales have decreased. As you look at the chart, keep in mind that they are year over year numbers comparing September 2023 to September 2024:
One thing we found interesting was that the median days on the market (how long it takes for a property to go under contract) was 25 in September, up from 21 in August and 17 days in September 2023, but the month’s supply of inventory was 2.31, which is down a hair from August. You would expect that if homes are taking longer to sell and more homes are being listed, the month’s supply would be increasing. The numbers from September 2024 suggest that, at least for that month, demand from buyers is still keeping up with supply.
We do think that the days on the market will be higher when the October numbers come in, and we still aren’t seeing any major market shifts. In fact, based on numbers through the end of September, the median sales price is up over 4% so far in 2024.
We expect the market to stay solid through Thanksgiving. If you are thinking about selling, give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email. We love real estate and are always happy to talk.
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What’s Happening in Suffolk
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