We saw a super competitive summer market here in 2024, but things have started to slow down just a bit as we transition into fall. This slowdown is reflected in some important market data:
- Inventory is Rising, Slightly
We’ve seen a slight increase in active listings compared to last year. For example, in September 2024, there were a couple hundred more homes on the market compared to September 2023. While this isn't a huge jump, it’s notable—buyers may have a little more to choose from, while sellers might face more competition. - Pending Contracts Are Down
Fewer properties are going under contract compared to last year. This trend, combined with rising inventory, means homes are taking a bit longer to sell. Inventory levels are up from 2.5 months in September 2023 to 3.4 months in September 2024. That’s still a seller’s market but it’s something to watch as we approach the winter months, which typically see a dip in listings. - Days on Market Holds Steady
Despite the inventory increase, homes are selling at about the same pace, with no significant change in the number of days they stay on the market. In fact, there’s been a slight 2-day decline compared to last year. - Interest Rates Remain Volatile
Mortgage rates recently dipped closer to 6%, but they've bumped back up again. A lot of uncertainty surrounds where they’ll land by the end of the year, but experts predict they could decline again. This volatility has impacted buyer demand, but showings are still steady, with more buyers walking through doors than in 2023. - National Market Insights
Nationwide, we’re seeing similar trends. More homes are hitting the market, but the pace of new listings might be at odds with typical seasonal slowdowns. As we approach winter, we’ll keep an eye on whether this continues.
Key Takeaways:
- Buyers: Inventory is increasing slightly, which means more options. However, don’t expect prices to drop—home values are projected to continue appreciating into 2025, albeit at a moderate 2-3%.
- Sellers: If inventory keeps climbing, you may face more competition. The best time to sell is when there are fewer properties on the market, so if you’re thinking of listing, now might be the time before the market shifts more significantly.
If you want to chat about the best time to buy or sell, or need help with real estate in South Jersey or beyond, feel free to reach out. I’m here to help!