Summary
Whitman's October 2024 real estate market is competitive, with low inventory and high demand. Homes sell quickly and above listing prices, requiring fast action from buyers.
Key Metrics Every Homebuyer Should Know
Introduction
The real estate market in Whitman, Massachusetts, offers unique insights for homebuyers. Knowing the current trends can help you make informed decisions. Let’s break down the key metrics shaping the local market.
Months Supply of Inventory
First, consider the Months Supply of Inventory, which currently stands at 0.96. This figure reveals how quickly homes could sell at the current sales pace. A number below one indicates a seller’s market. Here, demand greatly exceeds supply, making it a competitive environment for buyers like you.
Yearly Changes in Inventory
Next, look at the 12-Month Change in Months of Inventory, showing an increase of 18.52%. This statistic suggests the housing market has eased slightly, with a small uptick in available homes compared to last year. While competition remains, more listings can provide you with options as you search for your dream home.
Days on the Market
The Median Days Homes are On the Market currently sits at 19 days. This relatively low number highlights how quickly homes sell in Whitman. With high demand and limited inventory, you must be ready to act swiftly. Waiting too long may mean losing out on your ideal property.
List to Sold Price Percentage
Another crucial metric is the List to Sold Price Percentage, which is an impressive 102.3%. Homes are selling for slightly above their listing price on average. This trend often results from multiple offers and competitive bidding wars. Therefore, preparing to present your best offer can set you apart from other potential buyers.
Median Sold Price
Finally, consider the Median Sold Price, which is $540,000. This figure provides you with a snapshot of home prices in the area. Combined with the low inventory and quick sales, this suggests you are entering a competitive market. Understanding this price point helps you gauge what fits within your budget.
Conclusion
In summary, Whitman’s real estate market shows strong demand, low inventory, and homes selling quickly at or above asking prices. As a buyer, staying informed and being prepared to act fast is essential for success.
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