As we enter the final month of the year it certainly feels like winter outside!  While November gave us a few final warm fall days, the transition to colder temperatures and wintry precipitation is upon us.  Was our local housing market chilly in November?  Let’s take a look!

Homes in Locust Grove that are on the market in November

In November, there were seventy eight homes in Locust Grove on the market.  This is slightly less than October’s eight one homes.  These homes spent an average of fifty nine days on the market which is a slight increase from the previous month.  The average list price for homes in Locust Grove decreased slightly from $528,000 in October to $512,000 in November.

Pending Homes in Locust Grove

There was a sharp drop in activity in November for pending homes.  Twenty eight homes went under contract; in October, fifty homes were under contract.  This drop in activity is not uncommon this time of year; upcoming holidays and winter weather tend to slow the housing market.  The pending homes in Locust Grove sold for an average of $442,000.

Homes in Locust Grove that Sold

Forty two homes in Locust Grove sold in November.  This is an increase from October where twenty eight homes sold.  The average days on the market for homes for that sold was thirty six days-a slight decrease from the prior month.  The average price for homes in Locust Grove that sold was $475,000.

Looking forward to 2025

By the time I write a housing market update for December, it will already be 2025! While there are still uncertainties in the air about the economy and how it impacts the housing market, I would say a good theme for the housing market in 2024 was “steady as she goes.”  With interest rates slowing decreasing this year, the rates have moved into a range that feels more comfortable to many buyers who are looking for homes in Locust Grove and the surrounding areas.  The average days on the market of homes for sale has settled into approximately a two to three months average after hitting a high of one hundred days in the spring.  While this may feel like a long time to be on the market for sellers coming off the post pandemic buying frenzy, in reality, this is much more in line with pre-pandemic stats.

What does 2025 hold in store?  Only time will tell.  There are so many factors that play into rate increases and decreases that it is hard to make predictions.  Several lenders like Fannie Mae are predicting rates to fall into the five percent range by the end of the year, but these falls won’t be straight down.  Instead experts expect a different pattern; Mike Hardy of Churchill Downs Mortgage’s Pacific Southwest Region describes it as more like a yo-yo with increases and decreases throughout the year.

As always, whether you are a buyer or a seller, being familiar with your area’s housing market stats will help you set reasonable expectations for your buying or selling experience.  If you are thinking about buying, then I would highly encourage you to talk with a lender.  Even if you are still several months away from starting the search, a lender can share the types of loans that are available to you.  The lender can offer suggestions of ways to improve your buying power too; sometimes these suggestions take a while to affect your buying power, so making changes ahead of time is always helpful.

For sellers, take some time to chat with a local REALTOR® (Hey I know a great one!).  You will learn about your local market and get suggestions of things to improve in your home to increase its appeal to buyers whenever you decide to go on the market.