The leaves aren’t the only thing changing. With another significant rate cut this past month, October’s real estate market has some fresh updates worth noting! We’ve sifted through the latest stats to bring you what matters most.
Current Home Prices
The average home price now sits at $1,135,215, reflecting a modest 1.0% increase from last October. This means a smart strategy (and a dash of patience) is crucial for sellers. Don’t worry—we’ve got a plan tailored to help you succeed!
Timing is Key
Planning to sell? On average, homes receive offers within 27 days, with closing times ranging from 30 to 90 days. To stay ahead of the game, it’s best to start your listing process 1-2 months in advance.
New Listings
October saw a 4.3% boost in new listings from last year, sparking a bustling fall market for buyers and sellers alike. And here’s the standout: sales rocketed 44.4% over the same period last year, underscoring a truly active market!
The market tightened slightly, but plenty of inventory still gives buyers options. This ongoing choice has kept price growth steady for now. However, with homes being scooped up and new builds lagging behind population growth, expect selling prices to increase more significantly soon.
Let’s Chat! Are you considering a move this year? Let’s connect to explore your options and set you up for success! Send a message, and let’s get started on your plans.
