Spring is here!  While this morning’s chilly temperature may not feel very springlike, I’ve noticed a lot more birds chirping in the trees and appreciated the lengthening amount of daylight.  The spring housing market appears to have also woken from a long winter’s nap.  Let’s take a look at what is happening in the market for homes in Locust Grove.

Homes in Locust Grove for Sale

In March, fifty five homes in Locust Grove were listed for sale.  This is an increase from February’s thirty five homes.  A new construction home builder, Richmond America, has contributed ten homes to March’s list with their new listings in Wilderness Shores.  Along with Ryan Homes’ townhouses and D.R. Horton’s single family houses, Wilderness Shores has seen growth in the past few years.  The average days on the market for homes in Locust Grove decreased drastically from one hundred forty days in February to eighty eight.  The average list price for homes also decreased to $479,000.

What does this mean?

An influx of homes on the market is typical in spring.  The good news for buyers searching homes in Locust Grove is that this new inventory brings more choices for people who have been looking for a home.  A decrease in the average days on the market shows that buyers are ready to purchase and that sellers won’t have to wait as long to sell their homes.  Whether we like it or not, interest rates have remained relatively stable. Buyers and sellers may be coming to the conclusion that it is time to continue with their plans to buy or sell since a super low interest rate is not in the near future, and they accept the six to seven percent rate as the new normal. 

Pending Homes in Locust Grove

In March, the number of homes in Locust Grove currently under contract remained similar to February at forty one homes.  The days on the market for these homes saw a slight increase to forty days.  The average list price for these homes also increased from $441,000 to $481,000.

Homes in Locust Grove that Sold

Thirty two homes sold in March which is an increase of eight from the previous month.  The average days on the market for these homes decreases from forty to thirty two.  The average price for sold homes in Locust Grove in March was $432,000.  Of the thirty two homes that sold in March, eighteen homes gave closing cost concessions to buyers.  This may be a reflection of the longer days on the market in February.

What’s next?

I have certainly felt busier in the past month which usually indicates to me that there is more activity happening in the market. If you follow the activity surrounding the economy, then you know that it is already predicted that the Federal Reserve will not lower rates in June. While this isn’t the news that buyers and seller want, I think that for many people who are interested in purchasing their first home or a seller that has to move, an acceptance of a six through seven percent interest rate is happening. I’m curious to see if the trends we see in March will continue through April for homes in Locust Grove.

If you are in need of some real estate guidance, feel free to contact me!