By: Alison North, Realtor & Team Lead
With a Months Supply of Inventory at 0.97, this means that there is less than a one-month supply of homes available on the market. This low inventory level typically leads to high demand and competition among buyers, resulting in quick sales and potentially bidding wars.
The 12-Month Change in Months of Inventory of -2.02% shows a decrease in the supply of homes compared to the previous year. This further confirms the tight market conditions and the limited availability of properties for sale.
The Median Days Homes are On the Market at 8 days reflects the swift pace at which homes are selling. With homes being listed and sold within a short timeframe, sellers can expect quick turnaround times and buyers need to act fast to secure a property.
The List to Sold Price Percentage of 100.3% indicates that homes are selling for slightly above their listing price on average. This suggests that sellers have the upper hand in negotiations and may receive multiple offers, driving up the final sale price.
Lastly, the Median Sold Price of $179,900 showcases the current market value of homes in the area. With strong demand and limited inventory, prices are likely to remain competitive with potential for appreciation in the future.
Overall, these metrics paint a picture of a highly competitive real estate market with low inventory, quick sales, and strong seller leverage. Buyers should be prepared to act swiftly and potentially pay above asking price, while sellers can expect a quick sale at a favorable price point.
With over 20 years of combined experience, The Avenue Group offers exceptional service and knowledge of our local real estate market. Combined with the incredible network and resources of Glasshouse Realty Group, we offer our clientele an energetic work ethic with a detail-oriented approach. Call or text The Avenue Group real estate agents: Alison North 937-206-2273, Dara Errett 937-244-4136, or Maegan Benne 706-840-2466 to get started. Or visit our website AvenueOhio.com.
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