The housing market in Locust Grove continues to return to a pre-pandemic level of activity as the rises in interest rates have impacted buyers. The rise in interest rates has lessened the amount of money a buyer has to spend on a home. However, there are still plenty of buyers out there searching for homes in Locust Grove. While a rise in interest rates might cause people to reevaluate their plan for purchasing a home (whether this is their timeline or budget), this isn’t the first time interest rates have been above five percent historically; for example in October of 2000, interest rates were at 7.8%. The lower interest rates a year ago of two percent were historic lows and have affected how people perceive the housing market. As buyers, sellers, and Realtors®, we need to re-acclimate ourselves to a housing market that is calmer.
Homes in Locust Grove for Sale
The number of homes in Locust Grove on the market has increased from 48 in September to 54 in October. The days on the market have decreased slightly from 76 days in September to 70 days during the past month. The average listing price for a home has declined about 27,500 dollars. The average list price of homes in Locust Grove for sale in October is $534,992.
What does this mean?
This information is telling us that inventory is building slightly as the competition to purchase a homes Locust Grove has slowed. Homes are spending more time on the market allowing buyers the opportunity to weigh which home is best for them. The decrease in home price tells us that sellers are needing to adjust the price of their homes in Locust Grove to reflect current market conditions that have changed since they listed a month ago.
Homes In Locust Grove Under Contract
The number of homes in Locust Grove under contract decreased from 39 in September to 31 in October. There was a significant increase in the number of days on the market for homes in Locust Grove rising from twenty nine to forty days. The average list price for a home has also decreased slightly by approximately 3,700 dollars.
What does this mean?
Like the data from homes in Locust Grove for sale, the information about homes under contract shows us that it is going to take more time to sell a home. Sellers who are eager to sell their homes immediately need to be willing to compromise with buyers whether that is a price change or seller paid concessions like closing costs. Your Realtor® should keep you informed of any significant changes in the market. Sellers also need to be aware that the fast paced, multiple offers for a home frenzy that took place earlier this year is no longer present with the current market conditions.
Homes in Locust Grove That Sold In the Last 30 Days
There was an increase in the number of homes in Locust Grove that have sold in the last thirty days. In September, this number was thirteen, but in October it was twenty five. The days on market stayed the same at twenty. The average list price for homes in Locust Grove in October ($406,076) made a significant increase from September ($374,369).
What does this mean?
This information shows us that there are buyers out there searching for homes in Locust Grove. They are even willing to pay a little more for it. While it may take more time to sell your home, the overall increase in the value of homes means that even with listing price decreases, sellers are still seeing gains when selling their homes.
Here is September’s market report for homes in Locust Grove.
