As we wrapped up the year in December 2023, our real estate market demonstrated both growth and resilience, reflecting a year unlike any other. Let’s unwrap the key trends and insights that defined this month’s market.
December Year over Year (YoY) Home Sales Analysis
The data for this analysis comes straight from the MLS, as of January 4th, 2024, offering us a comprehensive look at the December 2023 market.
| Year | Sold Homes | Avg. DOM | Avg. Price | Avg. Assistance | Avg. Price/sqft |
|---|---|---|---|---|---|
| 2023 | 186 | 61.79 | $481,384 | $15,088 | $198.94/sqft |
| 2022 | 182 | 40.30 | $427,168 | $12,168 | $183.06/sqft |
| 2021 | 350 | 27.23 | $434,834 | $9,981 | $186.48/sqft |
| 2020 | 362 | 16.50 | $374,169 | $9,372 | $166.15/sqft |
| 2019 | 268 | 46.59 | $318,424 | $10,067 | $141.31/sqft |
📈 Market Growth: The Price Perspective
December 2023 saw an impressive average sold price of approximately $481,384, marking a significant increase from the previous years. This uptrend in prices indicates a market that’s thriving amidst various economic conditions, showcasing the enduring appeal of real estate as a solid investment.
🕒 Days on Market (DOM): A Slower Pace
One of the standout trends this month was the longer DOM, averaging at 61.79 days. This is a noticeable increase from December 2022’s 40.30 days and even more so from the brisk pace of December 2020’s 16.50 days. This slowing down suggests a market where buyers are taking their time, reflecting a shift towards a more balanced market dynamic.
💰 Seller Concessions: A Rising Trend
Sellers offered an average concession of $15,088 in December 2023, climbing from the previous years. This rise could indicate a market that’s becoming increasingly favorable to buyers, offering them more negotiating power.
🏡 Price per Square Foot: A Steady Climb
The average price per square foot reached a new high of $198.94 in December 2023. This steady rise is a clear indicator of the market’s strength and the high value placed on property, reassuring both current and prospective homeowners of their investment’s worth.
Final Thoughts
The real estate market in December 2023 painted a picture of gradual growth and changing dynamics. From the steady increase in home prices to the longer days on market, these trends highlight a market that’s adapting to a new rhythm. Whether you’re planning to buy, sell, or simply keeping an eye on the market, these insights provide a valuable compass for navigating the real estate landscape.
Stay connected for more market insights as we step into the new year, ready to face new challenges and embrace new opportunities in the real estate world!