September 2024 Market Update

Here's the scoop on what we're seeing in the housing market Fall 2024! The good news is that inflation, and everyone's obsession with it, is finally slowing down as more focus moves to unemployment rates. Jerome Powell, Federal Reserve Chair, has verbally committed to a nominal rate cut this month. Still a point and half lower than last year’s peak which is helpful relief, and you might be surprised to learn refinance business is already happening. We could see 5.875% at year end and many predict more cuts early 2025. 

Overall, new listings started to increase in July, and we are seeing this trend continue in most areas of the market. In the tri-county, we have roughly a 9-week supply of inventory, with the hotter areas having less than 6 weeks. Locally, home builders are still trying to catch up with the demand for inventory. New construction now represents 45% of our total sales! As inventory continues to hit, we are hopeful prices will steady. Some areas will still see prices increasing, but that rate of increase should start leveling soon. 

With the average dollar per square foot at an all-time high, you may be wondering why some homes continue to sit for months. We all have that one for sale sign we drive by every day for months and think, "when is that going to sell?" Check out this article to learn the reasons homes are sitting despite the strong market.