As the year winds down, the Kent County real estate market continues to evolve, showcasing trends and opportunities that both buyers and sellers should keep on their radar. November often brings unique shifts, influenced by seasonal activity, economic factors, and local demand. Whether you're a homeowner considering selling or a buyer navigating the market, understanding these changes can be pivotal.
1. Low Inventory & High Demand
The current real estate market is experiencing a low inventory situation with only 1.32 months supply available, indicating a high demand for homes in the area. This is further supported by a 15.79% increase in the months of inventory over the past year, showing that the market is becoming more competitive for buyers.
2. Homes Selling Quickly
Homes are selling quickly in this market, with a median of only 9 days on the market before being sold. This quick turnover time is likely due to the high list to sold price percentage of 99.1%, indicating that sellers are receiving close to their asking price.
3. Median Sold Price
The median sold price in this market is $335,000, suggesting that homes are selling at a relatively high price point. This could be attributed to the high demand and low inventory levels, driving up prices for buyers.
Overall, this data indicates a strong seller's market with high demand, low inventory, quick sales, and high list to sold price percentages. Buyers should be prepared to act quickly and competitively in this market, while sellers can expect to receive favorable offers for their properties.
