April Housing Market Update for Houses in Locust Grove

April Housing Market Update for Houses in Locust Grove

In March we saw an uptick in activity in the market from both buyers and sellers.  The spring real estate market appeared to have awakened and made an appearance here in Locust Grove.  What happened during April?  Was there an increase in buying and selling?  Let’s take a look!

Houses in Locust Grove for Sale During April

Yes, the increase in activity in the housing market continued into April.  In April there were eighty two houses in Locust Grove for sale which is an increase from the previous month.  The homes spent an average of fifty eight days on the market; this is similar to March’s average of fifty seven days on the market.  The average list price for houses in Locust Grove that were for sale was $517,000.  This is a slight decrease from the average list price of $523,000 that we saw in March.

Under Contract Houses in Locust Grove 

Thirty nine homes went under contract in April.  In March, there were forty five homes that went under contract.  These homes spent an average of thirty one days on the market.  This is similar to the prior month’s average of twenty seven days.  The average price for under contract houses in Locust Grove in April was $502,000.

Houses in Locust Grove that Sold

In April, forty five homes were sold.  This is a sharp increase from the twenty eight homes that sold in March.  These homes spent an average of twenty nine days on the market compared to the previous month’s average of sixty five days.  The average list price for the homes was $488,00.  This is an increase of about forty thousand dollars from March’s average; however, it is important to note that four waterfront homes in Lake of the Woods are included in April’s sold price.  Of these sales, twenty two sellers offered closing cost assistance to buyers.

What does the data tell us?

April was a more active month on the market for both buyers and sellers when compared to the previous months.  More sellers are entering the housing market (as demonstrated with the increase in the number of homes being listed).  These sellers are still willing to negotiate to get their homes sold in the form of offer price or closing cost concessions to buyers.

Buyers who are eager to make an offer are acting quickly when a home that fits their needs is listed.  For several months earlier this year, there was limited inventory on the market.  If these homes didn’t fit the needs of buyers, then the homes remained on the market and the buyers waited until a home that worked for them appeared.  With the increase in inventory, we saw a steep increase in the number of homes sold in April since buyers had more properties to view.  As the school year winds down, I’ll be interested to see if this trend continues.  Most families looking to move during the summer wait until school is just about finished before listing a home or writing an offer on one.

If you are wondering how your own real estate goals fit into this housing market, then I am here to help!  I am happy to offer my expertise to help you create a plan for selling or buying that aligns with your goals.  Feel free to call or text me at 540-360-5166 to get started on your real estate journey.