Things to know about the market as we head into a new year.
Happy New Year!
I hope you feel settled into your typical rhythms after the holidays and the whirlwind of early January.
Now that our Rutledge team has had some time to reflect on 2023 and see what’s happening in 2024, I wanted to share some insights about where the market was and where we think it’s heading.
First, let's look back at the second half of 2023.
Around halfway through 2023, we started to see typical seasonality return to the residential real estate market. In July and August, there were fewer transactions, and houses lingered longer on the market as buyers took a break from their home search and hit their favorite vacation spots.
In the fall, those buyers took a stand. While home inventory remained limited, inspections and mortgage contingencies returned. It was clear that buyers were no longer willing to pay $300K over asking. And while there were multiple offers on many properties, we didn't see the pandemic-style high-stakes bidding wars that sellers had grown accustomed to.
Here's a look at 2023 compared to the previous year:
Wellesley 2022:
• 304 Homes Sold
• Avg Sale Price: $2,120,457
• Days on Market: 21
• Avg List Price: $2,050,056
Wellesley 2023:
• 241 Homes Sold
• Avg Sale Price: $2,243,757
• Days on Market: 36
• Avg List Price: $2,232,559
Now, here are some early predictions about 2024.
Already, we’re seeing an uptick in activity. Properties that have stayed on the market since December are going under agreement, and new properties are selling quickly. While inventory is still far lower than “pre-Covid normal,” we feel like a wave of new inventory is coming. With that increase in available properties, we hope to see a return to a more balanced market this year.
If you've heard murmurs that home prices are falling, you may be relieved to know that according to Fannie Mae's Home Price Expectation Survey (HPES) experts, project prices will continue to rise through 2028.
It's worth noting that election years always add some drama to our industry. Such years bring uncertainty, and the real estate market—like the stock market—is not a fan of uncertainty. If you're considering selling, it’s wise to list early (in February and March) to avoid the impact of any political shockwaves!
If you need help preparing to buy or sell a home this year, now is the time to start planning.
Book a call today, and let's talk about how I can help.
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Rutledge Properties is an independent, women-owned local real estate brokerage. We’ve been helping clients in the Metrowest area buy and sell their homes since 1978.
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Contact me today to get a free market analysis or discuss your homebuying goals!