Summary
Abington's October 2024 real estate market is competitive, with low inventory, quick sales, and strong prices. Buyers should act fast and make strong offers.
What You Need to Know as a Homebuyer
Introduction
Navigating the real estate market in Abington, Massachusetts, can feel overwhelming. However, understanding key trends can empower you in your home-buying journey. Here’s a breakdown of the current metrics that shape the market landscape.
Months Supply of Inventory
Let’s start with the Months Supply of Inventory, which stands at just 1.01. This figure reveals how quickly homes can sell, assuming today’s sales pace continues. A low number like this indicates a tight market. With demand exceeding supply, competition is fierce.
Yearly Changes in Inventory
Next, consider the 12-Month Change in Months of Inventory, which shows a significant 31.29% decline. This drop highlights how quickly homes are selling compared to a year ago. Such a decline suggests a growing urgency for buyers to act quickly in this hot market.
Days on the Market
Moving on, the Median Days Homes are On the Market is currently just 18. This short time frame indicates that homes are moving fast once they hit the market. Buyers must stay alert because properties are likely to be snatched up quickly.
List to Sold Price Percentage
Another important factor is the List to Sold Price Percentage, which is an impressive 99%. This means homes typically sell for almost their full asking price. For you, this indicates that you should be prepared to make strong offers. Sellers are likely expecting full price or close to it.
Median Sold Price
Finally, let’s look at the Median Sold Price, which currently sits at $467,500. This average gives you an idea of what homes are selling for in the area. Understanding this price point is crucial for evaluating affordability and your budget.
Conclusion
In summary, the real estate market in Abington shows signs of competitiveness, with high demand and quick sales. Housing is moving fast, and prices are strong. As a buyer, being prepared to act swiftly can make the difference between landing your dream home or missing out.
Ready to find your dream home in Abington? Reach out to me today to start your exciting journey!
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