August, 2024 Residential Market Trends
Are you considering investing in Lewes, Delaware? With a Months Supply of Inventory at 3.27 and a steady increase of +0.31% over the last year, now is a favorable time to explore investment options. The median sold price of $615,000 and quick 23 days on market make Lewes an attractive market for investors.
Investors, let’s dive into the correlation between these key real estate metrics to help guide your investment decisions.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.27. This indicates that there is a relatively low supply of homes on the market compared to the current demand. A lower supply typically leads to higher prices and faster sales.
The 12-Month Change in Months of Inventory is +0.31%, showing a slight increase in inventory over the past year. While this may indicate a potential shift in the market, the overall supply remains relatively low, which could continue to drive prices up.
The Median Days Homes are On the Market is only 23, a relatively short period. This suggests that homes are selling quickly in this market, likely due to the low supply and high demand.
The List to Sold Price Percentage is 102.8%, indicating that homes are selling for slightly above their listing price on average. This could be due to competitive bidding and limited inventory.
Finally, the Median Sold Price is $615,000, showing a strong market with higher-priced homes. This, combined with the low supply and quick sales, suggests that this market may be favorable for investors looking for potential high returns.
In conclusion, the data indicates a market with limited supply, high demand, quick sales, and strong prices. Investors may find opportunities for potential growth and returns in this market.