The Coventry Hills real estate market in December 2024 continued to showcase steady demand, closing the year on a strong note. Despite seasonal slowdowns, the market remained resilient, with stable home prices and active buyer interest.
Average Sale Price: The average sale price in Coventry Hills for December 2024 was $525,000, reflecting a 3% increase compared to the same period in 2023.
Sales Volume: A total of 28 homes were sold, representing a 10% decrease from November due to seasonal trends.
Days on Market (DOM): Homes spent an average of 32 days on the market, slightly longer than the previous month but within the annual average.
New Listings: December saw 22 new listings, contributing to a relatively tight inventory and supporting stable property values.
Market Trends & Insights
Steady Demand: Buyer demand persisted despite interest rate fluctuations, with well-priced homes receiving strong attention.
Sellers Holding Value: Limited inventory helped sellers maintain competitive pricing, preventing major price reductions.
Investor Interest: The rental market continued to attract investors, with steady rental yields adding to the area’s appeal.
Mortgage Rates & Affordability: Mortgage rate adjustments influenced buyer behavior, though Coventry Hills remained a sought-after community due to affordability and amenities.
2024 Annual Summary
The Coventry Hills real estate market experienced significant trends throughout 2024:
Overall Market Growth: Home values appreciated by an average of 5.2% over the year, reflecting strong buyer confidence and demand.
Inventory Fluctuations: The market saw periods of both high and low inventory, affecting pricing and competition.
Sales Performance: A total of 375 homes were sold throughout the year, with peak activity observed during the spring and early summer months.
Influence of Economic Conditions: Interest rate adjustments and economic factors played a role in shaping buyer affordability and investment decisions.
Looking Ahead to 2025
Continued Demand: Coventry Hills is expected to remain a desirable neighborhood, with strong interest from first-time homebuyers and investors.
Stable Prices: Home values are forecasted to hold steady, barring any major economic shifts.
Potential Inventory Increase: A rise in new listings could balance the market and provide more opportunities for buyers.
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