As 2024 comes to a close, Georgetown’s housing market offers unique opportunities for both buyers and sellers. Here’s why now is the perfect time to make your move, supported by the latest market data:
For Buyers: More Choices, Less Competition
- Rising Inventory
Georgetown’s active listings have steadily grown, reaching 1,044 homes in October 2024, up from 931 in October 2023. This increase gives buyers more options and reduces the urgency to compete for a limited number of properties. - Stable Prices
The median close price in October 2024 was $455,000, a slight adjustment from earlier highs. This price stability allows buyers to make informed decisions without the pressure of skyrocketing prices. - Negotiation Power
Homes are selling at 98% of their list price, down from 104% in 2022. This shift suggests buyers have more room to negotiate favorable terms.
For Sellers: Active Market and Steady Demand
- Active Buyer Interest
Closed sales in October 2024 totaled 272 homes, up from 221 in October 2023. This increase shows that demand remains strong, even with more inventory on the market. - Faster Market Adjustments
Median cumulative days on market (CDOM) have decreased from 79 days in January to 57 days in October, reflecting steady demand. Homes are moving more quickly as the year progresses, signaling a healthy market. - Seasonal Advantage
The holiday season often brings motivated buyers looking to close deals quickly, either to settle before the new year or to take advantage of tax benefits.
Why the Holidays Make Sense
- For Buyers:
Increased inventory means more homes to choose from, and the slower holiday season could mean less competition. Motivated sellers are more likely to negotiate, making it a great time to secure a home at a reasonable price. - For Sellers:
Holiday buyers are often serious and ready to close. With prices holding steady and demand strong, sellers can capitalize on the momentum of the current market while standing out in a season with fewer listings.
Whether you’re looking to buy or sell, the Georgetown housing market is positioned to offer rewards for those ready to take action. Let’s connect to explore your options and make your move a success!
Happy Thanksgiving and Merry Christmas to all!
