Summary
Brockton's October 2024 real estate market is competitive, with low inventory and high demand. Homes sell quickly, typically above asking price. Buyers must act fast.
What Every Homebuyer Needs to Know
Introduction
The real estate market in Brockton, Massachusetts, is buzzing with activity! For homebuyers, understanding the latest trends is crucial. Exploring essential metrics helps you navigate this competitive landscape effectively.
Months Supply of Inventory
Let’s begin with the Months Supply of Inventory, currently at a low 1.42. This figure shows how few homes are available for sale. A low number like this indicates a competitive market. When supply is limited, buyers like you face more competition for every available property.
Yearly Changes in Inventory
The 12-Month Change in Months of Inventory reveals another important story. This statistic shows a significant decrease of 15.48%. Fewer homes are remaining on the market. Consequently, the competition for homes has intensified over the past year. Finding the right property will require quick decision-making on your part.
Days on the Market
Next, consider the Median Days Homes are On the Market, which is just 21 days. This means homes are selling rapidly. For you, this indicates the importance of acting fast. When you find a property that suits your needs, being prepared to move quickly is key.
List to Sold Price Percentage
Another critical metric is the List to Sold Price Percentage, which stands at 101.3%. This figure tells you that homes are often selling for slightly more than their listing price. With this in mind, it’s essential to be ready to make competitive offers. When you encounter a home you love, don’t hesitate—strong offers are necessary in this market.
Median Sold Price
Lastly, let’s discuss the Median Sold Price, which is currently $469,500. This average price gives you an understanding of what to expect in terms of home costs. Knowing this helps you plan your budget more effectively and gauge what is affordable for you.
Conclusion
In summary, the Brockton real estate market is competitive, marked by limited inventory and quick sales. Homes often sell for above asking prices, so preparation is crucial. Buying in this environment requires quick action and solid offers.
Ready to start your journey to finding a home in Brockton? Contact me today to get started!
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