Evansville Real Estate Metrics: November 2023 for Buyers and Sellers

Understanding Real Estate Metrics: A Guide for Buyers and Sellers

Understanding Evansville Real Estate Metrics:

Months Supply of Inventory

Evansville Months Supply of Inventory

The current Months Supply of Inventory stands at 1.89. This is a crucial metric indicating the time it would take to sell the existing inventory. A value below 2 suggests a seller's market...

A lower value indicates a seller's market, where there is high demand for properties and limited supply. In this case, 1.89 months suggests a relatively tight market.

The 12-month Change in Months of Inventory, shows an increase of 26.85%. This indicates that the supply of homes on the market has grown significantly over the past year. While this change might signal a shift towards a buyer's market, it is important to note that the overall supply still remains relatively low.

Median Days Homes are On the Market

Evansville median days on market

Currently at 16 days, this metric reflects the market's pace. A lower number means a faster-paced market where homes are quickly sold...

List to Sold Price Percentage

Evansville list to sold price

Standing at 97.9%, this percentage shows that homes are selling close to their listing price, indicating a strong position for sellers...

Median Sold Price

Evansville median list price

The median sold price in the market is $171,900. This value is a middle point, reflecting the average price homes are being sold at...

Evansville Market Trends

Now, let's tie these metrics together. The low Months Supply of Inventory, coupled with the relatively rapid Median Days Homes are On the Market, suggests a competitive market with high demand and limited supply. However, the 12-Month Change in Months of Inventory indicates a growing supply, which could potentially shift the dynamics towards a more balanced market.

Despite this shift, the List to Sold Price Percentage remains high, indicating that sellers still have strong negotiation power and are achieving prices close to their initial listing price. This, in turn, is reflected in the Median Sold Price of $171,900, which signifies the average price at which homes are being sold.

In conclusion, these real estate metrics provide valuable insights for both buyers and sellers. Buyers can use this information to gauge the competitiveness of the market and plan their offers accordingly. Sellers can leverage these metrics to understand their position in the market and set realistic listing prices. Overall, these metrics serve as a guide for making informed decisions in the ever-changing real estate landscape.

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