August 2024 Housing Market Analysis for Cleveland, MS Metro Area
The Cleveland, MS metro area housing market in August 2024 presents a complex landscape with significant shifts in various metrics. The data reveals a mix of positive and negative trends, reflecting the dynamic nature of the real estate market in this region.
Price Metrics
The Median Sales Price in Cleveland, MS has seen a notable increase, reaching $180,000, which represents a 16.1% year-over-year (YoY) rise. This upward trend in sales prices indicates a strong demand for homes in the area. However, the Median List Price has decreased by 13.4% YoY, now standing at $154,997.50. This discrepancy between sales and list prices suggests that sellers may be adjusting their expectations to align with market conditions.
Similarly, the median Price Per Square Foot has declined by 14.2% YoY to $83.64, while the Median List Price per square foot has seen a significant drop of 47.2% YoY, now at $52.43. These figures indicate a potential shift in buyer preferences towards more affordable options or smaller homes.
Sales and Inventory
The number of Homes Sold in August 2024 was 3, marking a 25.0% decrease YoY. Despite this decline, Pending Sales have increased by 50.0% YoY, with 6 homes currently under contract. This rise in Pending Sales suggests a potential rebound in the market in the coming months.
New Listings have also decreased by 25.0% YoY, with only 6 new properties entering the market. However, the overall inventory has surged by 62.5% YoY, reaching 26 homes. This increase in inventory, coupled with a substantial rise in the Months of Supply (470.0% YoY to 8.70 months), indicates a shift towards a buyer's market, where supply outpaces demand.
Market Dynamics
The Median Days on Market have increased dramatically by 197.0% YoY, now averaging 208 days. This extended time on the market suggests that homes are taking longer to sell, possibly due to the increased inventory and changing buyer preferences.
The average sale to list ratio has decreased by 6.3% YoY, now at 87.6%, indicating that homes are selling for less than their listed prices. Additionally, the percentage of Homes Sold above list price remains at 0.0%, unchanged from the previous year. This further underscores the current buyer's market conditions.
Price Drops have become more common, with 38.5% of listings experiencing reductions, a 13.5% increase YoY. Conversely, the percentage of homes going off the market within two weeks has decreased by 33.3% YoY, now at 16.7%, suggesting that quick sales are becoming less frequent.
Conclusion
In summary, the Cleveland, MS metro area housing market in August 2024 is characterized by rising sales prices but declining list prices and Price Per Square Foot metrics. The market is experiencing increased inventory and extended days on market, indicating a shift towards a buyer's market. While Pending Sales show promise for future activity, the overall market dynamics suggest that sellers may need to adjust their strategies to attract buyers in this evolving landscape.
