fbpx

|

Foster Real Estate Report: February 2024 market update

Share this story:

Recently, the National Association of Realtors (NAR) reported that “Existing-Home Sales Slid 1.0% in December.” Their key highlights included:

  • “Existing-home sales waned 1.0% in December to a seasonally adjusted annual rate of 3.78 million. Sales faded 6.2% from the previous year. The median existing-home sales price rose 4.4% from December 2022 to $382,600 – the sixth consecutive month of year-over-year price increases.”
  • “On an annual basis, existing-home sales (4.09 million) fell to the lowest level in nearly 30 years, while the median price reached a record high of $389,800 in 2023.”
  • “The inventory of unsold existing homes slumped 11.5% from the previous month to 1 million at the end of December, or the equivalent of 3.2 months’ supply at the current monthly sales pace.”

Local Market Update: February 16, 2024

Real estate is local, but our numbers seem to mirror these national trends. Turning to our local housing market and the chart below, Closed Sales was down by nearly 10 percent in January 2024 compared to last year. However, the Average Sales Price increased more than 3.9 percent and Median Sales Price remains similar at 3.4 percent. This supports that our local real estate continues to appreciate on average in comparison to last year. With our local Inventory down by nearly 8.3 percent, it’s a great time to sell.

Source: Heartland MLS, January 2024

Today we see snow everywhere, but the Spring Market is ramping up and 2024 will be a great time to sell or buy.

MISSION HILLS BEAUTY

You will want to entertain here, relax here, and live here. Properties in Old Sagamore are infrequently on the market, especially with the great attention to detail that this property boasts. The main floor features a beautiful dining room, living room and a family room. Lots of potential for everyday living and certainly celebrating holidays.

Johnson County market update

This week in Johnson County there are 1102 active listings, and 994 listings under contract (Source: Heartland MLS, February 16, 2024).

About Maggie

Maggie is a ReeceNichols real estate agent and a third-generation realtor. It’s her passion to provide a professional and positive buying and selling experience to her clients. Maggie has been featured in Realtor.com, Apartment Therapy and in other publications. https://maggief.reecenichols.com/

Follow her on Instagram and Facebook for updates on the local market.