The West Springs real estate market maintained strong momentum in December 2024, demonstrating solid price growth and increased activity.
Total Residential Benchmark Price: $805,500 (8.9% Y/Y increase)
Detached Homes: $1,070,500 (10% Y/Y increase)
Semi-Detached Homes: $747,700 (10% Y/Y increase)
Row Homes: $495,200 (8.9% Y/Y increase)
Apartments: $464,500 (9.7% Y/Y increase)
Market activity remained competitive:
Sales: 11 transactions, a 10% Y/Y increase
New Listings: 19, marking a 138% increase Y/Y
Inventory: 27 active listings, up 145% Y/Y
Months of Supply: 2.45 months, showing a relatively balanced market with continued buyer interest.
2024 Annual Market Summary
West Springs experienced a strong and steady real estate market throughout 2024, with price increases across all property types and heightened sales activity.
Total Residential Benchmark Price (Annual Average): $814,025 (6.6% Y/Y increase)
Total Sales: 228 properties sold, a 12% increase from 2023
New Listings: 330 listings, marking a 29% rise
Sales-to-New-Listings Ratio: 69%, indicating a balanced market with healthy demand
Average Months of Supply: 1.63 months, suggesting a competitive landscape favoring sellers
Days on Market (DOM): 22 days, reflecting quick sales and strong demand
Property Performance in 2024:
Detached Homes: Prices rose 10% Y/Y to an annual average of $1,064,533.
Semi-Detached Homes: Increased 11% Y/Y, averaging $753,800.
Row Homes: Saw a 15% Y/Y growth, reaching $503,275.
Apartments: Experienced a 15% Y/Y increase, averaging $459,942.
Key Market Takeaways
Sustained Price Growth: Property values consistently increased, driven by strong demand and limited supply.
Increased Sales Activity: More transactions were completed in 2024 compared to 2023, reflecting a robust real estate environment.
Balanced Market Conditions: While inventory rose significantly in the latter half of the year, demand kept the market stable.
High Buyer Interest: Shorter DOM and increasing benchmark prices signal continued interest from buyers despite economic conditions.
West Springs remains a sought-after community with a thriving real estate market, making it an attractive area for both homebuyers and investors.
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