The housing market report for homes in Locust Grove for February 2023 is here. There are some slight changes in the market when we compare the data from January to February’s stats. Let’s take a closer look.
Homes in Locust Grove for Sale
The number of homes on the market in Locust Grove during February was thirty three. This is a decrease of five from January. The days on the market have increased again this month to an average of 129 days; this is up from January’s average days (115) on the market for homes in Locust Grove for sale. Interestingly, the average price of homes in the market also increased to $470,436 following several months of decreases. When I examined the homes for sale, I didn’t see a new to the market outlier, like a waterfront home in Lake of the Woods, that would have pushed this average upwards.
For buyers, this data shows us that the inventory on the market is not being replenished quickly. This means that buyers who have to move and purchase a new home will have to select from what is currently on the market and may need to make compromises in a home’s features in order to relocate, or they will have to be willing (and able) to wait for a home that meets their needs.
For sellers with homes in Locust Grove, this data shows us that while homes are still selling, it is taking longer to sell a home. Making your home available for all showing requests, having it staged to maximize appeal, and being priced appropriately in relation to the market are all key factors to getting your home sold.
Homes in Locust Grove Under Contract
In February, there were thirty nine homes in Locust Grove that were under contract. This means that an offer had been accepted and the buyers and sellers were working towards completing all tasks to purchase the home. This process can take thirty to forty five days. February’s average is a slight increase from January’s thirty seven homes in Locust Grove that were under contract. The days on the market for homes under contract in February was forty two- a two day increase from January. The average price for homes in Locust Grove under contract decreased to $412,185.
For sellers, this data tells us that buyers are continuing to write offers on homes. The decrease in price is most likely a result of reductions in the listing price. While sellers may not be excited that it will take longer to sell a home, the similarities in the number of homes and days on the market for homes under contract over the past few months demonstrates that buyers are still out there looking for homes to purchase.
Homes in Locust Grove that Sold
In February twenty one homes in Locust Grove sold. This is a small increase from January’s eighteen homes that sold. The days on the market for homes in Locust Grove that sold decreased from forty two in January to thirty four in February. The price of homes that sold also slightly decreased in February to $385,371. (January’s price was $388,067.)
What does this all mean for me?
Days on the market are increasing! If you are a seller, it is important to go into listing your home with the understanding that it statistically isn’t going to sell in a week. Your home will sell, but in a time frame aligned with the current market. Understanding the current average days on the market will help keep your expectations in line with what is happening in the real estate world. Talk with your Realtor® about your goals for when you would like to get your home sold and discuss the strategies you can implement to get it sold. This might mean readjusting the sales price to be in line with the current market or offering closing cost concessions to buyers.
