Answering the Age-Old Question

This sponsored content, "Answering the Age-Old Question: How's the Real Estate Market," originally appeared in the October 2024 issue of COMO Magazine.

“How’s the real estate market?” It’s the classic question everyone asks, but the answer is rarely as simple as you’d like. The market is constantly shifting, influenced by local trends, economic conditions, and even seasonal factors. To get a clearer picture of what’s happening, let’s dive into the latest trends and data shaping Columbia’s housing market.

Inventory Levels: A Slow Increase
If you’ve been following real estate, you’ll know inventory levels are a key metric. Columbia currently has around 328 active listings, with a 7% increase year-to-date compared to last year. Buyers are beginning to have a few more options and sellers could face greater competition, but overall, the inventory amounts remain low, indicating that the market still favors sellers.

Pricing Trends: Values on the Rise

The question on many sellers’ minds is, “Will I get a good price for my home?” The answer is likely yes. Columbia’s current average sale price is $362,964, a 5.52% increase from the previous year. The month of August alone saw a record-setting average sales price of $416,048. These trends show that home values are steadily increasing, offering sellers the potential for solid returns.

Sale to List Price Ratio: Closing the Gap

A strong sale-to-list price ratio is another indicator of a healthy market. In Columbia, homes have been selling at an average of 98.5% to 100.4% of their original asking price. This is great for sellers, as it suggests most homes are selling very close to the asking price.

Interest Rates: A Steady Decline
After the all-time lows of early 2021, mortgage rates made an uncomfortable jump, deterring many would-be homebuyers. 2024 has experienced a steady decline in rates, with Mortgage Daily News reporting an average 30-year rate in the low 6’s in mid-September, and the Fed recently announcing another rate decrease. This is good news for both sellers and buyers, as many buyers will have the confidence to enter the market.

Bonus: Is it a Good Time to Sell or Buy?
Everyone has different circumstances surrounding their decision to sell or buy. There is no “one size fits all” answer! Real estate sells year-round because people will always need to sell or buy. If the time is right for your personal situation and finances, a good Realtor will help you successfully navigate a sale, regardless of the market conditions.

Conclusion: A Market of Opportunity
So, how’s the real estate market? Sellers are benefiting from rising home values and strong sale-to-list price ratios. Buyers, meanwhile, are seeing an increase in inventory and lower interest rates on the horizon. In short, it’s a time of opportunity. Whether you’re buying or selling, staying on top of market trends is the best way to make informed decisions.

If you’re curious about what this all means for you, reach out to us. We’d love to work together to navigate the complexities of today’s market and achieve your real estate goals!

Statistical information provided courtesy of Columbia Board of Realtors, as of 9/18/2024. Images courtesy of Market Focus Media and Carl Neitzert. Find more at bevandcorealty.com

Krista Shouse-Jones & Geoff Jones | REALTORS®

Before their career in real estate, Geoff and Krista served our community as Columbia police officers for over two decades. Their extensive knowledge of Columbia’s dynamics and inner workings is instrumental in serving their clients. They take great care to help our neighbors and future neighbors succeed in their real estate goals and invest in their futures, whether that’s buying a first home, transitioning to a new one, or venturing into rental properties.

573-864-5054 | bevandcorealty.com