July 2025
Despite a busy spring and start to summer, the market stalled a bit in July. New Listings were down 13% for the month compared to last July, but Total Active Inventory remains 32% higher than 2024 with nearly 300 homes listed for sale. New Pending Sales dipped in July 25 by 24%. Total Homes Sold did see an increase from last year, showing 10% growth over 2024. Median and Average Sales prices continue to trend downward in small increments as we progress through the year. Interestingly, Days on Market for July was lower, showing that buyer interest increased during the early summer market.
Year to Date – January-July 2025
Looking at the year so far, total homes sold have slowly closed the gap from 2024, with only a 7% decrease at this point. This was expected after a slower start to the year. Roughly 40% of homes are settling with cash, and 43% of homes are selling in 30 days or less. The market continues to work itself towards a more stable balance between a buyers and sellers market. Average and Median Sales Prices remain slightly lower than 2024, with an 8-10% drop. There have been less $1M+ sales so far in 2025 which can skew the average sales prices and total dollar volume. With total sales only down 7%, and median prices only down 8%, we’re tracking fairly closely to 2024!
Buyers
As we head into fall, most sellers will begin more seriously considering price reductions to get their property sold before the end of the year. We’ll also see homes get listed after the summer ends and owners have had time to consider how much they use the home, or have had time to make renovations or repairs during the warmer weather. Keep a close eye on the market! Or, work with a local agent you trust to keep an eye out for you! While any agent can set you up on an auto-drip campaign, only a local and experienced agent knows the market and area well enough to truly be on the look out for you! Did you know the town Oakland covers the entire half of the county? There are lakefront homes in Oakland and homes 35 minutes from the lake in Oakland, too! The agents at Railey Realty live and work here, they know the area best, and can filter through properties that aren’t a good fit for you.
Sellers
There’s still high buyer activity in the area! Many buyers who have missed out on homes over the summer are still actively searching. Plus, many who vacationed here over the summer will now be seriously considering a purchase to get them in their home before the next summer season! Pricing remains absolutely critical! We are no longer in a complete sellers market… buyers are much more cautious with what they view as overpriced listings, and they often do their own research and consult their agent for their opinion on pricing. Well priced homes are moving – the DOM shows that! Making sure you have a strategic pricing and marketing plan with your agent is crucial. Trust the local experts at Railey Realty to help you through this process! More than half of the sellers in the area have trusted us so far in 2025… the results speak for themselves!
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