How's The Market?

May 2024 Wrap-Up

The real estate market remains stable, with buyers willing to pay premium prices, often exceeding pre-pandemic levels, despite relatively high interest rates. The median sales price has increased by 0.4 percent compared to May of last year, while the number of properties going into contract has surged by 16.2 percent. Notably, over half of the homes sell for more than their list price, averaging 3.8 percent above asking. Additionally, the number of available homes has risen by 13.1 percent year-over-year, though competition remains fierce, particularly in highly desirable neighborhoods.

Interest rates have been volatile and are expected to remain so, especially with upcoming political events. Buyers who can navigate the current higher rates may benefit significantly when rates eventually decline, allowing for refinancing and capitalizing on today's relatively lower prices.

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