Fourth Quarter September 2024 Market Statistics Analysis:
Active listings have risen in NA, yet new listings have not, indicating properties being sold at a slower rate. Although in Delaware city we’re not seeing an incline in active listings, indicating properties being pulled out of the market without being sold, because the rate of new listings and sold listings are also declining here. Sold listings in Delaware city going from a count of 105 to 88, and sold listings in New Albany city going from 2,879 count to 2,615 all from the month of August to September.
In New Albany we are seeing the new median list prices slowly declining from 319k to 315k from August to September, and in Delaware city it’s steadily staying the same with new median list prices starting at 419k to 420k within the same time frame. We are seeing the active median list price inching downward in both areas, with NA going from 359k to 354.9k and Delaware going from 463.6k to 459.9k. It seems that buyers are increasingly gaining favor as the market slowly changes. A key factor here is there may be less buyers in the market at this time due to recent changes. Something to note in our research here is that the median sold price in Delaware is drastically different from NA showing the median sold price rising in Delaware from 422k to 466k in only one month. While NA kept the same median sold price at 325k.
In comparison to all of Central Ohio’s MLS in the Central Ohio Housing Report article pertaining to September of 24’, unlike both NA and Delaware showing sold listings decreasing in both cities from August to September, all of Central Ohio as a whole has increased by 2.6 percent between the same months. Although, according to Central Ohio housing report- there was a 29 percent decrease in sales in the month of September from 2018 to 2024. The housing report tells us that Central Ohio currently has a two month supply of inventory, a 32.6 percent increase year over year calculation.
Interest Rates in Central Ohio showed a decrease in September of 24’ according to the MND ratings for 15 year fixed rate, going as low as 5.54 percent and then immediately went back up in October to 6.37 percent as of October 25th of 24’.
Overall, we are seeing some slow changes throughout Central Ohio in regards to prices and sales. With the recent NAR Settlement implications, high interest rates, and political debates, buyers seem to be reluctant to make any sudden moves. Each situation is different, and if you find yourself needing to buy or sell in the market’s current state there are still wise strategies to use that can be greatly beneifical for you and your family.