The housing market update for Locust Grove continued to reflect nationwide trends in January. The data for homes in Locust Grove shows increases for the days on market as well as price reductions in January as the market levels. Let’s take a deeper dive into the numbers.
Homes in Locust Grove on the market
In January there were thirty eight homes on the market. This is a decrease from December when there were fifty one homes in Locust Grove on the market. I think this decrease is a reflection of the number of homes that went under contract in January as well as a lack of new homes to the market because of the time of year.
The biggest change I’ve seen in January is a twenty nine percent increase for the days on the market of homes in Locust Grove. The average days on the market in January for homes in Locust Grove was one hundred fifteen days. This is an increase from December’s eighty nine days. Traditionally, winter is a slower time in real estate. This with increased interest rates has lengthened the days on market for homes to a pre-pandemic standard.
The average price of homes in Locust Grove on the market was $450,958. This is a slight decrease from December’s average price of $452,783. In January seventeen homes on the market had a price reduction.
Homes in Locust Grove Under Contract
There was an increase in the number of homes that went under contract from twenty two in December to thirty seven in January. These homes spent about forty days on the market before going under contract in January. In December, homes in Locust Grove under contract spent about sixty two days on the market.
The average price of homes in Locust Grove under contract has increased from $394,055 to $422,713. There were eleven price reductions to homes in January.
What this demonstrates to me is that there are still buyers on the market looking for a home and ready to make offers. Unlike previous months, these buyers are willing to wait for a home that fits their specific needs. Having a home that appeals to as wide a group of buyers as possible is important for sellers in this market. Correct pricing, staging, and repairing any known issues within your home will be key to getting it sold.
Homes in Locust Grove that Sold
In January there were eighteen homes in Locust Grove that sold. This is similar to December’s seventeen homes. These homes spent about forty two days on the market in January which was an increase from the thirty one days spent on the market in December.
The price of homes in Locust Grove that sold decreased from an average of $398,390 in December to $388,067 in January. There were ten homes in Locust Grove that had a price reduction.
Interested in other months market stats? Find them here:
