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02/05/2025 by HOM

It is Still a Great Time to be a Seller. The market conditions that existed in 2023 remain firmly in place in 2024.

Specifically,

1 — Mortgage rates remain significantly higher than they were for the period from the 2008 financial crisis through 2022.

2 — Property owners who have 3%+/- mortgages on their properties continue to cling to those rates so they stayed in their properties longer than was optimal. As a result, significantly fewer homes came to market. In 2023 and 2024 there were 4,688 and 4,594 homes sold, about 30% fewer than the average number of homes sold per year in the ten-year period 2013–2022 which was over 6000.

3 — Prices continue to rise as more buyers compete with each other for every home that came on the market. The median price in 2024 increased 8.8% from 2023 and the median price jumped 4.3% 2022 to 2023. Also, many of the homes sold over the past two years sold over their asking prices.

4 — The DOM (Days on Market) for 2023 and 2024 were 43 and 39, respectively. The average DOM for the prior ten years was 89, a significant difference.

There are homes that came on the market that did not sell. The most likely reason is that the asking price was excessive and the market judges the seller to be unreasonable. Houses that don’t sell tend to be homes at the very high end of the price range for the neighborhood.

Are you ready to buy or sell a home, the Houlihan & O’Malley team are ready to help!  Contact us to see why our client’s are always happy!


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