July’s market update for homes in Locust Grove looks similar to previous months. While the market is holding steady, I’ve also done a deep dive into some more details about the homes in Locust Grove that sold in July. If you are considering selling your home, you may find this helpful information.
Homes in Locust Grove for sale in July 2023
In July there were fifty two homes on the market for sale; this is the same number of homes available in June. The days on the market saw an increase to one hundred days. This is an increase of eleven days from June. We often see a slowing in the market during late summer as families are preparing to return to the school year and prefer not to move if necessary, so seeing a decrease in the number of homes entering the market and an increase for the number of days on the market isn’t surprising. The average price for homes in Locust Grove in July was $544,892. This is a decrease from June’s average price of $559,027
Homes in Locust Grove under contract
In July, there were fifty six homes under contract. This is an increase from June’s forty homes that were under contract. The days on the market for homes under contract (twenty four days) remained similar to June. The average price of homes under contract saw a substantial increase from June’s $460,141 to July’s $510,030. July’s average does include several waterfront properties in Lake of the Woods that drove the average up.
Homes in Locust Grove that sold
In July there were twenty one homes that sold compared to June’s thirty three homes. The days on the market for sold homes decreased from twenty six in June to sixteen in July. Likewise, the average price for homes in Locust Grove dropped from June’s $460,878 to July’s $431,347.
What to know about these numbers if you are thinking of selling your home in Locust Grove
If you are considering selling your home, then a drop in the average price for homes that sold in the past month may bring up some questions for you. I think it is important to note that most homeowners have built some equity into their homes over the past few years. In general, home prices are higher than they were several years ago.
For homes in Locust Grove that sold in July, on average sellers got 98.04% of the original list price when they closed on the home. Eleven homes in Locust Grove sold for less than list price and seven offered buyer’s closing cost assistance.
While sellers are still finding value in their homes, they are demonstrating a willingness to lower the price slightly or provide closing cost assistance as a way to get the home off the market sooner. While our average days on market is at one hundred days, sometimes sellers need to relocate before then or perhaps they need to sell the home to purchase the next one. When this happens, we see price reductions or closing cost assistance used.
If you are considering selling your home in Locust Grove, then the first step is to get a great understanding of your local market. As a Realtor®, I can help you! By sharing information about the market, learning more about your home selling timeline, and answering questions you might have, you will be able to better determine when is the right time to sell your home. If you are interested in this kind of assistance, feel free to contact me!
