As summer winds down and the possibility of interest rate cuts grows stronger, we are heading into the fall with a local market that has remained slower but steady over the past few months.  Let’s take a look at what happened during August in Locust Grove.

Homes in Locust Grove for Sale

There were eighty-five homes that entered the market in August.  This is a ten home increase over July.  The average days on the market for homes in Locust Grove was forty-six days.  Again, this is similar to July’s average days on the market.  The average listing price was $521,000.  This is a decrease from July’s average list price of $544,000.  It is important to note that there were several million dollar homes that entered the market in July thus pushing the list price average upwards for that month.

The increase in the number of homes on the market could be a reflection of the slowly dropping interest rates.   As interest rates drop, not only do buyers become more active on the market because their budget is able to stretch farther, but also sellers who are waiting to transition from one property to another feel more comfortable doing so when rates are closer to their current interest rates.

Homes in Locust Grove Under Contract

In August there were forty-two homes in Locust Grove that went under contract.  This is a similar number to July’s forty-three homes.  The average days on the market for homes under contract was forty-seven days.  The average price for these homes was $509,000.  This was an increase of twenty thousand dollars from July.

Homes in Locust Grove that Sold in August

There were twenty-eight homes that sold in August; this is a slight decrease from the thirty-two homes that sold in July.  The average days on the market was twenty-four.  The average price for homes in Locust Grove that sold was $464,000; this is a small increase from July ($453,000).

Looking towards the fall season

If you are a seller or buyer who has been closely watching the changes in rates in order to determine when to enter the housing market, then make sure that you have done all your prep work.  For buyers, this means talking with a mortgage lender, turning in financial documents and finding a REALTOR® to work with before you start shopping for homes. 

For sellers, making known repairs in your home, decluttering and staging, and meeting with a REALTOR® will help to reduce the amount of time it takes to get your home on the market.  While everyone needs to make the best decisions for themselves, it is important to know that if you are waiting to buy or sell remember that you aren’t the only one.  A rush of buyers or sellers to the housing market can change prices and inventory, so it is important for you to be prepared.