With many buyers carefully watching interest rates, what did January’s housing market look like for homes in Locust Grove?  During this typically slower month of the year, the numbers for homes on the market, under contract, and sold looks pretty similar to the previous months.  Let’s take a closer look…

Homes in Locust Grove on the market

In January there were forty one homes in Locust Grove for sale.  These homes spent an average of one hundred and seventeen days on the market. The average listing price for a home was $513,123.

While the inventory of homes and the days on the market were similar, the average price for the homes in Locust Grove increased 7.12 percent from November.  While current interest rates (if you are a seller looking to move, then you would be trading your lower mortgage rate for a higher one) and the time of year may cause sellers to put a pause on their moving plans, sellers are still seeing their homes’ market values increase.

During the fourth quarter, new construction home purchases were continuing to gain popularity.  31.8 percent of homes purchased nationally in the fourth quarter were new construction.  Why?  

Buyers who are ready to enter the housing market have a lower inventory of homes to consider.  Coupling this with the incentives that larger builders can offer, like a lower interest rate, mortgage rate buy downs, or closing cost concessions, have made purchasing a new construction home an option for buyers.

New construction homes in Locust Grove, whether it is like 28266 Tatum Road in Unionville, 33131 Jackson Loop in Locust Grove, or the new homes in Wilderness Shores are awesome options for buyers looking to find their homes.

Homes in Locust Grove Under Contract

In January, there were thirty two homes in Locust Grove that went under contract.  The average days on the market for these homes was twenty seven days and the average list price was $390,681

There was a decrease in days on the market over prior months, but I would attribute this to the end of the holiday season.  In December holidays and days that the courthouses, banks, and other companies are closed can lengthen the amount of time that it takes to complete all the paperwork necessary for closing on a home.

Homes in Locust Grove that Sold in January

In January, there were twenty two homes in Locust Grove that sold.  The average number of days on the market for these homes was fifty.  The average price of the homes in Locust Grove that sold was $415,824.  This was a 4.2 percent increase from November.  

While the prices have risen, it is also important to note that out of the twenty two homes that sold, thirteen sellers provided closing cost concessions to buyers.  In some cases, this could mean that the buyers and sellers agreed to raise the listing price in order to roll the closing costs into the purchase.  It could also mean that while sellers are seeing the market value of their homes increase, they also are willing to negotiate the price in order to sell the property.

Looking forward to the spring

Spring is always an active time for buying or selling homes in Locust Grove.  While the Federal Reserve Chair has said that is unlikely that the board will vote to cut rates in March, there still are the prospect of rate reductions in the near future.  When you combine the drop in rates with the spring season, this could mean a more active housing market for buyers and sellers.  If you are considering making a move in the spring, then my best suggestion is to get prepared now.

For buyers this means:

  • Speaking with a mortgage lender to learn about the programs available to you
  • Getting all financial paperwork in order
  • Meeting with a REALTOR® to discuss your needs and wants in a home

For sellers this means:

  • Making a known repairs on your home
  • Deep cleaning and decluttering your space
  • Meeting with a local REALTOR® to get pricing suggestions
Contact me!