By DENISE RANGAI, REALTOR®, Contributing Writer
The real estate market in September 2024 showed signs of stabilization. While the national median list price decreased slightly compared to the previous year, the price per square foot continued to rise, indicating a shift towards smaller and more affordable homes. The number of homes sold increased, and the average time on the market remained relatively stable.
However, the market is still influenced by several factors, including high mortgage interest rates and inventory. This has led to a slower pace of sales and a decline in overall affordability. Despite these challenges, there are signs of optimism for the future, as the market continues to adjust to changing conditions.
Here are some key highlights from the September 2024 real estate market:
- Median list price: Decreased slightly compared to the previous year.
- Sales: Increased compared to the previous year.
- Time on market: Remained relatively stable.
- Mortgage rates: High, but there are signs of potential decline.
- Inventory: Starting to rise, but is expected this time of year.
Overall, the September 2024 real estate market was mixed. While there were signs of stabilization, the market is still facing challenges. With the upcoming elections, many buyers and sellers are sitting on the sidelines with a “wait and see approach”. It is important to stay connected with your Real Estate agent for a more personalized look at the market conditions.
For more information or to schedule a free home value assessment, contact Denise Rangai at (985) 991-1344 or deniseondabayou@gmail.com.
