As we enter the final few months of 2024, there have been a lot of factors at play in our local housing market. Changing interest rates, a national election, and the ever changing economy have even the most experienced economic analysts on their toes trying to predict what will happen next. For me, looking at numbers is the best way to understand a local housing market because it reflective of what is happening in our area; while knowing what is happening nationally is certainly important, when trying to make a decision about buying or selling a home being an expert in your local market will be more valuable than examining national numbers.
Homes in Locust Grove On the Market in October
In October there were eighty-one homes in Locust Grove that entered the market. This is an increase from September which saw seventy homes on the market. The average days on the market for these homes in October was fifty-five days. The average listing price for homes in Locust Grove during October was $528,014.
While the Federal Reserve did cut interest rates in mid-September, we actually saw mortgage rates increase into October. Since mortgage rates are influenced by more than just the Federal Reserve, other factors like unemployment numbers and inflation go into decisions to raise or lower mortgage rates. Mortgage rates are expected to decline, but slowly. For many people who have been waiting to move until rates improve, they may come to the realization that the current rates are the normal ones and that buying or selling a home will come with these rates.
Under Contract Homes in Locust Grove
Thirty five homes in Locust Grove went under contract in October. This is slightly less than September where forty-four homes were pending. The homes spent an average of fifty days on the market and the average price for these homes was $473,581.
While we saw an increase in the number of homes in Locust Grove entering the market, there was a drop in the number of homes under contract. A multitude of factors could have contributed to this; this could be a reflection of the small window where interest rates dipped, buyers’ concerns over the election, and the upcoming holiday season which is a historically slower time of year in real estate.
Homes in Locust Grove that Sold
In October forty-two homes sold in Locust Grove; this is the same amount that sold in September. These homes spend an average of twenty-eight days on the market and the average price of these homes was $468,841.
I feel that this data shows us that the housing market is still moving along in Locust Grove; while rates aren’t at a comfortable number for all buyers (and by extension sellers who become buyers), homes are still being bought and sold. Happily for sellers, the average days on the market has decreased from May’s high of one hundred and one days. Now that the election is over and there are more rate cuts from the Federal Reserve in the future, I am interested to see how buyers and sellers react in the final few months of the year.
