Summary
Abington's real estate market in December 2024 shows low inventory and rapid sales, making it competitive for homebuyers. Key insights include a 0.75-month supply of inventory, homes selling in 41 days, and a median sold price of $630,000.
Your Guide to Current Trends and Tips for Homebuyers
Introduction
If you’re thinking about buying a home in Abington, Massachusetts, understanding the local real estate market is crucial. With so many factors at play, it can feel overwhelming. So, let’s break down the current trends you need to know to navigate this competitive landscape.
What Low Inventory Means for You
Currently, the Months Supply of Inventory sits at just 0.75. This number is a telling sign of a hot market. It shows how quickly homes are selling. Essentially, if no new homes hit the market, everything available would be sold in less than a month. Buyers often find themselves in bidding wars because demand is considerably higher than supply. That’s something to keep in mind as you embark on your house-hunting journey!
An Eye on the Speed of Sales
Look at the 12-Month Change in Months of Inventory, which has dropped by 32.43%. This significant decline indicates that homes are flying off the market compared to last year. If you see a home you love, it’s essential to act quickly. The quicker homes are selling, the more pressure there is to make a strong offer.
Days on Market: A Quick Turnaround
Next, let’s talk about the Median Days Homes Are On the Market—currently sitting at 41 days. This means, on average, homes are selling relatively fast. In a lively market like this one, waiting might not be an option. When a home checks all your boxes, don’t hesitate.
Understanding Pricing Dynamics
Now, consider the List to Sold Price Percentage, which stands at 101%. Homes in Abington are selling for slightly more than their asking price. This trend reflects strong buyer interest and can influence your offer strategy. Don’t be surprised if you need to go just over the list price to snag your dream home.
The Price Point Snapshot
Finally, the Median Sold Price is $630,000. This figure gives you a good sense of what you might expect to pay for a home in the area. Knowing this can help you set a realistic budget.
Conclusion
In summary, the Abington market is competitive. With low inventory, quick sales, and rising prices, preparation is key. As you embark on your home-buying adventure, keep these trends in mind to make informed decisions.
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