Centerton Real Estate Market Update: Trends to Watch as 2024 Winds Down

As Centerton’s resident Blue Haired Broker, I’m here to bring you the latest insights into our local real estate market. Whether you’re a buyer, seller, or just keeping tabs on the trends, here’s what you need to know as we approach the year’s end.

Home Prices Stabilizing

After a hot summer, home prices have started to level off. In September, the average sale price peaked at nearly $500,000, but October saw a slight dip. This could mean that the market is stabilizing or correcting as we head into the colder months.

What does this mean for you?

• Buyers: You might see better affordability in the coming months, with prices slightly lower than summer highs.
• Sellers: Be prepared for moderated prices and consider pricing competitively to attract interest.

Interest Rates: A Bright Spot for Buyers

The average interest rate dipped below 6.5% by September and October, offering some relief to buyers. Lower rates improve affordability and could sustain buyer activity despite the typical seasonal slowdown.

Key takeaway:
Keep a close eye on interest rates. If they continue to trend down, it could mean better opportunities for buyers and steady demand for sellers.

Days on Market (DOM): A Growing Factor

In October, the average DOM climbed to 133 days—a trend likely to continue through the winter. As buyers often delay purchases until spring, homes may sit on the market longer.

For sellers:
Flexibility is crucial. Consider adjusting your listing price or offering incentives to stand out.

Seasonal Slowdown in Home Sales

It’s no surprise that the number of homes sold has declined since the summer. The last few months of the year typically see fewer buyers, making it a prime time for buyers to negotiate.

Tips for navigating the slowdown:

• Buyers: Take advantage of reduced competition to make strong offers.
• Sellers: Focus on making your property winter-ready and appealing to motivated buyers.

Price Per Square Foot: Reflecting Market Value

While price per square foot has risen overall this year, the trend may level off or slightly decline if demand cools in winter.

What this means:

• Buyers: You may find better value as the market corrects.
• Sellers: Highlight your property’s unique features and consider small upgrades to maintain its value.

Advice for Buyers and Sellers

For Buyers:
The coming months could be favorable with lower prices and interest rates. However, inventory may be limited, so be ready to act quickly when you find the right property.

For Sellers:
Price your home competitively and be prepared for longer DOM. Highlight energy-efficient or winter-friendly features to appeal to buyers who want to settle in before the holidays.

Looking Ahead to 2025

The market typically rebounds in spring, bringing higher prices and increased demand. Sellers may benefit from waiting until then to list, while buyers can find great deals before competition picks up.

In summary, Centerton’s real estate market is shifting toward a more balanced phase. Buyers and sellers who stay informed and strategic can navigate this seasonal slowdown effectively. As always, I’m here to guide you every step of the way.

Let’s work together to make your real estate goals a reality—whether it’s buying, selling, or simply planning for the future. Feel free to reach out with any questions or to schedule a consultation.

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