Sharing an important update on the latest market trends and changes.
What’s going on in our housing market? Let’s dive into the latest insights and information from our market.
Throughout July, the housing market exhibited dynamic shifts. Active listings experienced a notable decline of 28% compared to the same period last year, and a 21.8% drop from the previous month. This reduction in available properties suggests that prospective buyers who held out might have encountered a narrower array of choices.
The median listing price for the current month is recorded at $641,000—an increase from the previous year. However, the average number of days units remained on the market before sales surged by 82.4%. This extended timeframe could indicate a potential deceleration in the pace of local inventory turnover.
The total number of units sold underwent a 25.8% decline on a year-over-year basis and dropped 23.7% when compared to the previous month. The decrease in sales volume might present an opportunity for buyers to engage in more favorable negotiations.
For those seeking further information and guidance, please don’t hesitate to call us at 843-972-3833 or visit our website, www.DaveFriedmanteam.com. We look forward to hearing from you.