April 2024 Real Estate Market Report
April 2024 Real Estate Market Report
Let's break down the real estate metrics to understand how they correlate and what they mean for both buyers and sellers in the current market.
Months Supply of Inventory being at 1.24 means that there is a low supply of homes on the market compared to the demand from buyers. We need to be somewhere between 3 and 6 months to get back to a more equilibrium market.
12-Month Change in Months of Inventory being at -18.95%, showing a significant decrease in available inventory over the past year.This can further contribute to the competitive market conditions and potentially drive prices up.
Median Days Homes are On the Market at just 10 days suggests that homes are selling quickly due to high demand.
List to Sold Price Percentage being at 102% indicates that homes are often selling for above the asking price, reflecting the competitive nature of the market.
Median Sold Price of $1,161,000, which is an increase of 16.5% year over year and 5.1% month over month. It is clear that the market is seeing high prices due to the low supply and high demand. Buyers should be prepared to act quickly and potentially offer above asking price in order to secure a property in this competitive market.
Mortgage
With spring home buying season in full swing, rates on some of the most popular types of mortgages ticked up this week, according to Bankrate’s weekly national survey of large lenders.
The average rate on a 30-year fixed mortgage rose to 7.05 percent the week of April 3, while the average rate on a 15-year fixed mortgage climbed to 6.38 percent.
Inflation remains stubbornly high, and that’s keeping mortgage rates elevated.
Learn more: Historical Mortgage Rates
- Bank Rate
Conclusion
Overall, these metrics suggest a competitive market with low inventory, quick sales, and potentially higher prices. Sellers may benefit from favorable selling conditions, while buyers may need to act quickly and be prepared to make competitive offers. Book a consultation now to get started on your real estate journey. If you would like a Market Report for your specific neighborhood simply send me a quick message and I will prepare that for you.
