March 2024 Rolla Housing Market Update

The weather is warming is the Rolla housing market!🥵

If you’re thinking about buying or selling your home this Spring – it’s important you seek out local facts about our real estate market.

With faster sales, an increase in new listings, and a shift towards a more balanced market, Rolla is filled with opportunities for both buyers and sellers.

Here are four stats that will give you a TRUE and CLEAR picture of how our local market is doing.

🟢 Median Sales Price - up by 9% at $252,208

We track the median sales price for our smaller market as it's a more accurate representation of what is going on with sales prices.

It has gone up by 9%! This means home prices are increasing rather significantly.

🟢 New Listings - 51 New Listings on the Market

In the last 30 days, there's been a big jump of versus last year, with 51 new properties available on the market.

🟢 Homes for Sale - 101 Properties available in Phelps County

This is an overarching look at the active inventory, including new listings and existing homes on the market that have not sold yet.

This number is steady year-over-year at 101 properties available in Phelps County.

🟢 Closed Sales - up 10% with 32 closed sales

Rolla market is up year-over-year by 10%, with 32 properties selling in the last 30 days.

🟢 Average Days on the Market - down by 6% with 63 days on market

This measures on average how long a house sits on the market before it actually goes under contract.

This number is down year-over-year by 6%. This means homes are on the market for shorter periods before they're sold. On average, a home in Phelps County is listed for sale for 63 days before it finds a buyer.

🟢 Month's Supply - Total of 2.5 months supply

This gives us an overall pulse of what is going on in the real estate market. Real estate experts say that a six-month supply is a balanced marketplace.

We've been in a seller's marketplace for years now, and we still are.

The good news for buyers is that it's actually moving towards a more balanced marketplace.

The number of month's supply has increased year-over-year, and we are currently at a 2.5-month supply. This means there are more homes to choose from now than there were last year.

Spring market is right around the corner. We have seen so much increased activity during this time of the year...

➡️ Our number of under contracts is the highest they've been all year, by far.

➡️ Activity for buyers is through the roof, sellers are considering putting their homes on the market, and there's just a lot of movement in the market right now.

If you're watching this and you're kind of on the sideline or just curious if you should get in the game, we want to encourage you.

Whether you work with someone else or you work with us, right NOW is a great time to get into the real estate market before it heats up too fast and miss the opportunity.

And so, if you want to see what that looks like, we would love an opportunity to earn your business here at Matt Smith Real Estate Group.

Get started by clicking HERE

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