September came and went in a blink of an eye, so it’s time for a housing market update. There continues to be many similarities in September’s numbers like the data from August and months prior. If you are like me and like to examine data, then take a peek at what the housing market for homes in Locust Grove was like in September.
Homes in Locust Grove for sale
In September, there were sixty five homes in Locust Grove on the market. This is similar to August which had sixty one homes for sale. The days on the market held steady to last month at eighty eight days. The average list prices for homes in Locust Grove was $512,147. While that seems like a pretty steep list price, keep in mind that there are several million dollar and approaching million dollar homes in Lake of the Woods and a set of new construction homes in Wilderness Shores that are helping to drive up the average.
Homes in Locust Grove under contract
September saw a drop off of the number of homes under contract compared to August. In September, there were thirty five homes that went under contract while in August the number was at fifty two. There always is a slowing of the market in early fall as families settle into the new school year; I am curious to see if the number of homes under contract increases in October. The days on the market for homes in Locust Grove under contract in September was thirty seven, and this is similar to August’s thirty four days. The average listing price of homes in Locust Grove was $391,108. This was a significant change from August’s average under contract price of $438,311. I did a little digging and can contribute this change to the fact that in August there were five waterfront homes in Lake of the Woods under contract. This past month there were two. Waterfront homes usually come with a higher asking price, so the change in price we see stems from those homes closing.
Homes in Locust Grove that sold in September
There were thirty five homes in Locust Grove that sold in September. Again, this is similar to the thirty six that sold in August. The days on the market increased slightly in September from the previous month’s average of twenty five days to thirty two days. The average price of the homes in Locust Grove that sold in September was $455,989. This is not too far off from August’s average price of $464,866.
What does this all mean?
The housing market in Locust Grove continues to hold steady. While we see some fluctuations in price or days on the market, these averages reflect changes in the number of waterfront homes in Lake of the Woods that enter and exit the market. If you are considering putting your home on the market, then it is important to be aware that the average days on the market mean that it could take several months to sell your home; however, if less homes are on the market (especially as we head towards the holiday season), this can also mean less competition. Furthermore, the average days on the market doesn’t always mean that your home will take the full eighty eight days to sell. For example, if we look at the market update for Wilderness Shores, you will see that homes there sell on average in fifty seven days. If you are curious about the value of your home or want to know more about the local market, please contact me at 540-360-5166. I will be happy to answer your questions!
