How is it June already? I feel like it should still be winter, but apparently my sense of time is a little distorted. This month’s housing market report for homes in Locust Grove looks similar to April’s report in some ways. The number of homes sold over the past two months is similar and the number of days on the market is staying steady too. We can see the impacts of the spring market rush in the data for homes that sold in May too. For a deeper insight, keep reading.
Homes in Locust Grove for Sale
There were a few more homes entering the market in May. We had forty five homes in Locust Grove for sale in May. In April there were thirty eight homes for sale. The days on the market is holding steady at one hundred eight. The average price for a home in Locust Grove for sale increased to $494,331. This is an increase from April’s average list price of $461,665. I would attribute this increase to more homes in the upper price ranges hitting the market. D. R. Horton also just listed their new construction homes in Wilderness Shores.
Homes in Locust Grove Under Contract
The under contract homes in Locust Grove category gives us some insight into buyer activity in Locust Grove. In May, there were forty homes that went under contract. This is an increase of five homes from the previous month. The days on the market for homes in Locust Grove under contract increased slightly to twenty six days from April’s twenty three days. The price of homes decreased from April’s $461,665 to $439,127.
Homes in Locust Grove that Sold in May
There were twenty seven homes that sold in May which is also the same amount that sold in April. The days on the market for these homes saw a dramatic decrease as it declined from forty three to twenty two days. The price of sold homes in Locust Grove also decreased from April’s $468,998 to May’s $444,583.
What does all of this mean?
I think that these numbers show a steady market for homes in Locust Grove. Buyers are on the market purchasing properties, but since there is less inventory it is taking time for buyers to find a home that is right for them. Meanwhile, sellers are offering closing cost assistance or compromising on price in order to sell their homes. We can see the effects of the spring market in May’s sold listings that spent less days on the market than previous averages.
If you want to sell your home, you can. If you want to buy a home, you can. It’s just important to go into the home buying or selling process with realistic expectations. Understanding that homes are spending a little over three months on the market before selling will help you not be disappointed if your home doesn’t go under contract in a week. Likewise, as a buyer, knowing that a smaller inventory of homes on the market means more competition for move in ready properties. This means that your search for a home may take more than a few weeks. When you are ready to start your home buying or selling search, I am here to help.
Curious to see the homes in Locust Grove that currently for sale? Search here.
