By: Caitlin Spaulding
Edmond’s housing market has been a hot topic for locals over the past year. With increasing home prices, homeowners are keeping an eye on the growing number and how it impacts their decisions around buying and selling. Let’s take a look at the local data for Single Family Homes in Edmond.
Today we have a 3 months’ supply of inventory in the market, this is up from 2.7 months last month, with 818 homes currently for sale. The housing supply is a metric indicating how long it would take to sell all the current inventory or listing. A low monthly supply of inventory suggests that we have low inventory, the lower the inventory the more leverage sellers have.
The average sold price of $447,000 reflects the current market value of homes in the area, with the median price sitting at $379,00. Since the beginning of summer, we have seen a 7.14% increase in the average home price for Edmond. The average days on market has slowed down from the covid days to an average of 35 days on market and the median resting at 14 days.
If we look over the past year, the market remains cyclical, moving up and down with economic changes. This is a typical trend for real estate, but what the data has shown is that home values as a whole have increased by 7.8%. With high demand and low inventory levels, prices are likely to remain stable or even increase in the near future.
For sellers, now is a great time to list your home, as prices remain strong, and homes are selling quickly. The trend that home values will increase is promising for your equity and can position you to leverage that equity when you are ready to purchase a new home. For buyers, this market update means that competition is still fierce, so be prepared to act quickly when you find a home you love. As shown, homes are not getting cheaper and purchasing gives you an opportunity to start building your own equity. When debating if now is a good time to purchase a home, that is solely dependent on your personal needs, finances, and what is right for you.
I hope this information is informative as you plan for your future. If you have any questions regarding real estate and local trends, I would love to hear from you.
Caitlin Spaulding
REAL Broker LLC
