March 2025
The market was relatively flat in March, aside from Total Active Inventory, which was 45% higher than last year. Total home sales were down just slightly, with 37 sold this past March, and New Pending sales also dropped slightly, with 40 reported last month. New Listings were flat, with 62 homes listed in March 2025. Average Sold Prices and Average Median Prices are holding steady. Days on Market has begun to trend upwards as homes sit on the market longer than in past years.
Year to Date - January - March 2025
As we wrap up the first quarter of 2025, we see several changes from Q1 2024. Total Homes Sold is down 20%, and Dollar Volume followed suit, with a 21% decrease. We're hesitant to call it a slow down because it's common for the market to stall post election year. We're most likely seeing a slight lag that will eventually end more even with last year when we get to Q4. Days on Market has increased slightly, with most homes selling on average in 98 days. Keep in mind that 35% of homes still sold in 30 days or less. This is a good indicator both for new listings and those that have been on the market longer - buyers are looking at everything currently listed and purchasing carefully based on their needs. Average Sales Prices and Median Sales Prices have dropped slightly from 2024 numbers. Scarcity remains a key factor - there were no lakefront lots for sale at the time this blog was published.
Buyers
If you're considering purchasing in 2025, getting started with your REALTOR now will put you in the perfect position to purchase. Working with a local and experienced agent will give you the inside edge and trust you need! The agents at Railey Realty make up the largest network and highest producing group of agents in the area. Railey Realty lists the majority of homes on the market - which means your agent would find out about new listings before they hit the market! That's an inside advantage you can't get anywhere else. With so much of your home search starting online, having a local agent will also provide a level of comfort knowing your agent has most likely been in the home you're interested in or can quickly stop by to make sure it meets your criteria before you make the trip to view yourself. They also know the area and market like the back of their hand - you'll feel confident in any decision you make!
Sellers
Spring is here - with the change in season comes the surge of New Listings onto the market. Want your property to stand out? You need more than just a listing on the MLS. Professional photography, 3D virtual tours, strategic pricing, and traditional marketing exposure are all critical in the current real estate environment. Railey Realty represents 60% of the market - that means there's a 60% chance one of our agents will sell your home. Our agents utilize their internal network to push out new listings and help your property gain traction before it even hits Zillow. A great agent works for you long after your home hits the market. Make sure you're working with a REALTOR who has a plan beyond pre-listing!
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