How to Read a Local Market in 3 Numbers
National headlines can tell part of the story, but real estate is local. If you're thinking about buying or selling this winter, three numbers can give you a much clearer picture of what's happening in your market.
Start with months of inventory. This measures how long it would take to sell all current listings at the current pace. A lower number generally points to a seller's market, while a higher number may indicate more buyer negotiating power.
Next, look at median days on market. Are homes moving in a matter of days, or sitting for several weeks? This helps reveal the level of buyer demand and how competitively homes are being priced.
Finally, pay attention to sale-to-list price ratio. This shows how closely homes are selling to their asking prices. If properties are consistently selling at or near list price, the market may be more competitive than headlines suggest.
For the most accurate picture of your area, connect with us. We can help you interpret local data and make informed decisions based on current realities.
