The housing market for homes in Locust Grove continues to slow as we enter the holiday season. This is a time of year that we traditionally see less activity on the market as both sellers and buyers who are able to prefer to wait until after the holidays to continue their home search. (Here are some tips for searching for a home on the market over the holidays.) It is worth noting, however, that when we look at the home values over the past few years, the average list price is still up which indicates that even if sellers are having to decrease the list price, they most likely still have made some gains in their home equity.
Number of Homes on the Market
In November we saw an increase in the number of homes on the market. October had fifty four while November had sixty four. The number of homes under contract decreased from thirty one in October to twenty three in November. The number of homes in Locust Grove that sold also decreased in comparison to the previous month.
These changes show us that inventory is building while buyers are slower to purchase properties. As a seller who needs to get a home sold, you may need to consider price changes that match current market conditions and be willing to negotiate with buyers. Talking with your awesome Realtor® about these possibilities will better help you understand all your options.
Average Days on the Market for November 2022
Homes in Locust Grove that are for sale have spent an average of seventy two days on the market. This is an increase of two days from October’s seventy days on the market. There are forty homes that are under contract. The number of homes in Locust Grove under contract was also forty in October. During November, thirty four homes sold in the past thirty days. This is an increase from last month where twenty homes were sold.
Locally this demonstrates the nationwide trend of homes that spend more days on the market. Nationally, the days on the market for November was 56 days, but interestingly this is still “eighteen days less than pre-pandemic levels” (Speianu and Hale, 2022).
Average Price of Homes in Locust Grove
The average price of homes in Locust Grove that are on the market decreased from $534,992 in October to $481,213 in November. Homes in Locust Grove that are under contract also saw a decrease to $394,410. (October was $401,158.) Homes that have sold in the past thirty days also saw a price decrease from $406,076 in October to $384,632 in November.
These price reductions are a reflection of the slowing housing market as rises in interest rates and inflation have made buyers more hesitant. While sellers may feel discouraged at having to decrease their asking prices in order to facilitate an offer from buyers, it is important to note that nationally housing prices are at an increase of eleven percent from November 2022 (Speianua and Hale, 2022).
Speianu, Sabrina, et al. “November 2022 Housing Market Trends Report – Realtor.com Research.” Realtor.com Economic Research, 1 Dec. 2022, https://www.realtor.com/research/november-2022-data/.
Want to compare this month’s housing market report to previous months? Check them out below.