September's Market Snapshot 2024

Market Snapshot

September 23, 2024

2 Out of 3 Homes Are Just Sitting...

That’s up 60% from 2023…

I wanted to loop you in on what's happening in the housing market! Things are shifting a bit, and it's good to be aware of the latest trends.

The good news is that inflation is finally cooling down, which has helped interest rates, including mortgage rates, to come slightly down. That's a positive step. However, even though rates have eased, they're still what some would consider “high” so buying a home is still a challenge for many purely based on affordability. (You do know the 2-3% days spoiled most of us).

On the bright side, we're seeing more homes for sale, which is great news for buyers. It means less competition and a bit more time to find the perfect place.

Nationwide, more than 2/5 of the homes that were on the market this summer had been listed for at least 60 days without going under contract, up from 38.4% a year earlier–the biggest annual increase in nearly a year. It’s not a time to panic, but a lot of us in the industry felt this shift like a blow to the gut! It’s fine, we’re fine, we WILL figure it out. Just like any market… it’s constantly changing.

So, what does this all mean? Well, if you're thinking about buying, there are definitely more options out there now. But affordability is still a big factor. And if you're selling, it might take a little longer to find the right buyer, so don’t think your agent is on the crazy train when they tell you we might sit a bit. That’s normal right now.

Here's a cool tidbit: move-in ready homes in popular neighborhoods, and well-priced luxury homes, are still flying off the shelves!

Remember these are the markets millionaires are made in. Despite the challenging market conditions, there's ALWAYS opportunity! Especially if you’ve considered dipping your toe in the investment space. Anyway, that’s an email for another day…

If you have any questions or if you're thinking of buying or selling, feel free to reach out. I'd be more than happy to discuss how we can make your real estate goals a reality!

You'll be hearing more
from me soon. Promise.

- Sakina

Here are a few hyper-local stats for Collin County...

MCKINNEY

Consisting of 20 neighborhoods. There are 1,674 homes for sale. McKinney has affordable condo/townhomes.