We are already halfway through 2023…crazy, right? I’ve got the data for June’s housing market update for homes in Locust Grove. It shows a large increase in the average listing price for homes in Locust Grove on the market, but that can be attributed to five waterfront homes in Lake of the Woods that have entered the market. The days on the market for homes is also decreasing. Let’s take a closer look.
Homes in Locust Grove for Sale
There were fifty two homes in Locust Grove for sale during June. This is a slight increase in inventory from May. What is refreshing for home sellers to see is that the average days on the market has decreased. In May, homes in Locust Grove spent an average of one hundred and eight days on the market, but in June they spent eighty nine days on the market. The average price for a home in Locust Grove increased to $559,027. This is a dramatic increase when compared to May’s average cost of $433,897. I can attribute this jump to five waterfront homes in Lake of the Woods. The higher asking price of these homes helped to drive up the average. If you remove these homes from the data, then the average listing price for homes in Locust Grove in June is $460,654. This is still an increase from May, but not quite such a dramatic one.
Under contract Homes in Locust Grove
The number of homes in Locust Grove under contract remained that same in May and June (forty homes). The homes under contract saw a slight decrease in the number of days they spend on the market. This number dropped from twenty six in May to twenty two in June. Like the homes currently on the market, under contract homes also had an average price increase to $460,149. The similar average price for homes on the market, under contract, and sold tells us that the market has adjusted to all the changes over the past few years and that homeowners and Realtors® are getting better at pricing homes at their market value.
Homes in Locust Grove that Sold
In June, there were thirty three homes that sold in Locust Grove. This is an increase from May’s twenty seven homes. The days on the market for homes that sold in June was twenty six days. Finally, like the other categories for homes in Locust Grove, the average price increased to $460,278. As we head into the later summer months, there is usually a slight slow down in the local market as families are preparing for a new school year. With some additional inventory on the market, buyers who have been out there searching for a while may have more opportunities to find a home that is just right for them. If so, this will be reflected in next month’s under contract numbers.
