The real estate market in York County continues to evolve, and staying informed is key to making smart decisions whether you're buying or selling. In this August 2024 update, we dive into the latest trends and data, providing you with a clear picture of what’s happening in the local market. From shifts in home prices to changes in buyer demand, this report offers valuable insights to help you navigate the dynamic York County real estate landscape.
New Listings:
In August 2024, the York County real estate market saw a notable uptick in new single-family home listings, reflecting a year-over-year increase of 10.8%. This resurgence follows a period of decline in 2023, where new listings had dropped by 21.4% compared to 2022. The current rise in listings signals renewed activity and growing seller confidence in the market, aligning with broader trends observed across the entire MLS, which also experienced an 11.3% increase in new listings over the same period. These figures suggest that the York County market is regaining momentum, offering more options for buyers as we move forward into the latter half of 2024.
Homes For Sale:
In August 2024, the number of single-family homes for sale in York County saw a significant increase, rising by 22.6% compared to the same period in 2023. This follows a 27.4% increase from 2022 to 2023, indicating a consistent upward trend in housing inventory. This growth mirrors the broader MLS, which also experienced a 17.5% increase in available homes. The rising inventory levels suggest that buyers now have more options to choose from, potentially leading to a more balanced market as we progress through the year. This trend reflects growing confidence among sellers and a more competitive environment for home buyers in York County.
Pending Sales:
In August 2024, York County experienced a slight decline in pending single-family home sales, down by 1.3% from the previous year. This follows a more significant drop of 21.6% between 2022 and 2023, indicating a continued cooling in buyer activity. The broader MLS saw a marginal increase of 0.2% in pending sales, suggesting that while the overall market is stabilizing, York County's market remains somewhat subdued. This trend may reflect ongoing buyer caution or increased competition, highlighting the importance of strategic pricing and negotiation in the current market environment.
Median Days on Market:
In August 2024, the median days on market for single-family homes in York County increased to 14 days, representing a 16.7% rise from the previous year. This follows a substantial jump of 200% between 2022 and 2023, indicating that homes are taking longer to sell compared to the previous years. This trend is consistent with the broader MLS, where the median days on market also increased by 15.4% year-over-year. The extended time on the market suggests a shift towards a more balanced or even buyer-favored market, where sellers may need to be more patient and strategic in their approach to pricing and marketing their homes.
Months Supply Of Homes For Sale:
In August 2024, the months supply of homes for sale in York County continued its upward trajectory, reaching 2.1 months. This represents a substantial 40% increase from August 2023, following a 50% rise from 2022 to 2023. The increase in months supply suggests that the market is gradually shifting from a seller’s market toward a more balanced environment. This trend is mirrored in the broader MLS, which saw a 31.6% increase in the months supply year-over-year. For buyers, this means more choices and potentially less competition, while sellers might need to adjust their strategies to stay competitive in this evolving market.
In Conclusion, the York County real estate market in August 2024 shows signs of a shifting landscape. With an increase in new listings, more homes staying on the market longer, and a rising months supply, the market is becoming more balanced. While this presents buyers with more options and opportunities, sellers might need to adopt more strategic pricing and marketing approaches. The slight dip in pending sales further emphasizes the importance of staying informed and proactive in this changing environment. Whether you're considering buying or selling, navigating these market shifts can be complex. That's where The Linda Hall Team of Century 21 First Choice comes in. Our expertise and deep knowledge of the local market can help you make the most informed decisions. Contact us today to discuss how we can assist you in achieving your real estate goals.