Market Update: november 2024
The housing market is ever changing! At Magnolia Homes, we help our buyers to stay informed and find their place in the MH family with ease!! Now, let’s dive right into a November Market Update!
Currently, we per the data have a 3.75 Months Supply of Inventory in Collierville. What does that mean exactly?! Well, it indicates a seller’s market, where there are more buyers than available homes. Meaning if no new homes were listed, it would only take 3.75 months to sell all the homes on the market. This lower number indicates a seller’s market, where demand is high and supply is low. In the last 12 months we have seen an increase in Months Supply of Inventory, which is something we like to keep an eye on. As a positive for buyers out there, this does mean a wider range of options for you to choose from!!
When it comes to List to Sold Price percentage, we’re looking at a strong 99.2% ( a 1.31% increase month over month)! This means that homes in Collierville are selling close to their listing price, which is great news for sellers, showing that homes are generally selling very close to their asking price! However, this could mean less room for negotiation, so be prepared to make competitive offers.
The median days on market in our area is 22 (down 31.25% month over month)! This indicates that homes are selling relatively quickly, so if you’re in the market for a new home, you’ll want to act once you feel comfortable and confident it is the right home for you!!
Lastly, let’s talk about the median sold price, which currently sits at $579,500 (up 1% month over month) and continues to increase. This is a strong indicator of the current market value of homes in Collierville!!
Overall, these metrics paint a picture of a competitive market with low inventory, homes moving relatively quickly, and strong demand. If you’re a buyer looking to make a move, now is a great time to explore your options!! It’s important to stay informed, act quickly, and connect with our expert, Kelsey, to help you find your perfect new Magnolia home to Live Life Well® in!
