▶️2024 Cobb County February Market Update
Hey there, Buyers and Sellers! Let's dive into our local cherokee county market stats for February 2024. Here are some key real estate metrics that you'll want to know about.
First up, we have the Months Supply of Inventory, which currently sits at a low 1.56 months. This means that if no new listings were added, it would take just over a month and a half to sell out all the current inventory. This indicates a tight market with high demand.
Looking at the 12-Month Change in Months of Inventory, we see a significant increase of +45.79%. This suggests that inventory levels are rising, potentially signaling a shift towards a more balanced market. Sellers may need to adjust their pricing strategy accordingly.
Next, the Median Days Homes are On the Market is a speedy 21 days. This indicates that homes are selling quickly, likely due to the high demand and low inventory levels. Buyers should be prepared to act fast in this competitive market.
The List to Sold Price Percentage is a strong 98.4%, showing that homes are typically selling very close to their listing price. This could indicate that sellers are pricing their homes accurately and buyers are willing to pay close to asking price.
Lastly, the Median Sold Price is $450,000. This gives you a good idea of the current market value of homes in the area. Buyers and sellers can use this information to make informed decisions about pricing and negotiations.
Overall, these metrics paint a picture of a fast-paced and competitive real estate market. Buyers should be prepared to act quickly and make strong offers, while sellers may need to adjust their pricing strategy based on the changing inventory levels. Stay informed and stay ahead in the real estate game!
Check back for more informational videos and tips. I am Paul Washington with Keller Williams Realty.