Longleaf Pine REALTORS reports steady growth in local housing market
By Staff Report, posted Jun 28, 2024 on BizFayetteville.com
Longleaf Pine REALTORS has released its latest market analysis, revealing a 3.0% year-over-year increase in the median sales price for all properties, highlighting steady growth in the local housing market despite broader national trends.
The analysis shows that the median sales price for single-family existing homes has risen by 4.7%, reaching $268,500. This increase suggests robust local demand, even as the number of closed listings year-to-date stands at 2,376.
Nationally, the median existing-home price has reached a record high of $407,600, marking a 5.7% increase from last year. Inventory levels have also improved significantly, with a 9% increase month-over-month and a 16.3% rise year-over-year, providing a 3.5-month supply at the current sales pace.
Longleaf Pine REALTORS remains optimistic about the local market, attributing the resilience in prices to strong demand and solid market fundamentals. This positive outlook demonstrates the local market's ability to weather challenging circumstances and continue to grow.
Real Estate Highlights:
- Local housing market demonstrates strong demand and price resilience
- Median sales price for single-family existing homes rises by 4.7% to $268,500
- National median existing-home price hits record high of $407,600, with inventory levels up 16.3% year-over-year
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