Wildwood Housing Market Update – October 2024: Key Trends for Buyers and Sellers
The Wildwood housing market has shown some interesting trends as we enter the fall of 2024. From inventory increases to shifts in median prices and days on market, it’s clear that both buyers and sellers are adjusting to the current conditions. If you’re planning to buy or sell in Wildwood, here’s a comprehensive look at the most important real estate trends in the market this month.
1. Units Sold: A Decrease in Transactions
In October 2024, there were 51 homes sold in Wildwood, representing a 15% decrease from the 60 homes sold in September 2024. Year-over-year, sales are also down by 28% compared to October 2023.
This decline in sales activity could be due to a number of factors, including higher prices and reduced buyer activity as we head into the cooler months. However, there is still a steady flow of buyers and sellers, particularly for well-priced homes.
2. Active Inventory: More Homes for Sale
The number of active listings in Wildwood has increased significantly. There are currently 300 homes on the market in October 2024, up 20% from 249 homes available last year at this time. This increase in inventory offers more options for potential buyers but also indicates a slightly slower market.
Interestingly, the number of available properties has risen by 7% from the previous month, showing that more homeowners are listing their properties, which could be a sign that sellers are taking advantage of current market conditions.
3. Median Sale Price: Prices on the Rise
The median sale price for homes in Wildwood has increased by 12% compared to October 2023. This year, the median sale price is $600,000, up from $537,000 in 2023.
While this price increase reflects the ongoing demand for homes in Wildwood, it also suggests that the market is trending toward higher-value properties. Buyers should be aware that prices are rising, and it may be more difficult to find affordable properties at lower price points.
The median price is also 7% higher than in September 2024, which shows continued upward momentum. This is encouraging for sellers, who may benefit from higher sale prices.
4. Months of Supply: More Inventory, Slower Sales
The months of supply in Wildwood increased to 5.9 months in October 2024, compared to 3.5 months in October 2023. This represents a 68% increase in the time it would take to sell all available homes at the current sales pace.
A higher months of supply generally indicates that buyers have more time to consider their options and that the market may be shifting slightly toward a balanced market—one where neither buyers nor sellers have the upper hand.
5. New Listings and Pending Contracts: Activity Is Steady
There were 81 new listings in Wildwood this month, up 13% from October 2023, when there were 72 new listings. This increase in new listings is a positive sign for buyers, giving them more options as they search for the right home.
In terms of pending contracts, there were 46 properties under contract in October, a slight 6% decrease compared to last year. While the number of contracts is down, the market is still active, and homes are moving steadily.
6. Sale Price to List Price: Homes Selling Close to Asking Price
In October 2024, homes in Wildwood sold for an average of 97.4% of the list price, which is only 1% lower than the 98.43% ratio seen in October 2023. This shows that, while prices are slightly adjusting, homes are still selling very close to their list prices, especially in a market with more inventory.
7. Days on Market: Homes Selling Faster
One positive development for sellers is that Days on Market (DOM) has decreased in Wildwood. Homes in October 2024 sold in an average of 77 days, which is a 25% reduction from the 102 days in October 2023.
This decrease in the time it takes to sell a home suggests that even though the market is slowing slightly, properties are still moving quickly when priced appropriately.
What Does This Mean for Buyers and Sellers?
- For Buyers: The increase in inventory gives you more options, but with the median price rising and fewer homes selling at significant discounts, you’ll need to be ready to act quickly when you find the right property. Interest rates, though fluctuating, will continue to impact affordability, so it’s important to stay within budget and remain flexible on your must-have list.
- For Sellers: Although there are more homes available, Wildwood remains a competitive market, with properties selling fairly close to asking price. With prices still rising, it’s a good time to list, especially if your property is well-maintained and priced right.
Key Takeaways for October 2024 Wildwood Housing Market
- 51 homes sold, a 28% decrease from October 2023.
- Active inventory is up 20% to 300 homes.
- Median sale price increased by 12% to $600,000.
- Months of supply rose to 5.9 months, up 68% year-over-year.
- 81 new listings added, with 46 properties under contract.
- Homes sold for 97.4% of list price and 77 average days on market.
Conclusion: What to Expect for the Rest of 2024 in Wildwood Real Estate
As we move through the last quarter of 2024, the Wildwood real estate market shows signs of balancing. With rising inventory and prices, it’s a great time for sellers to capitalize on the demand for well-priced properties, while buyers can benefit from a wider selection of homes.
Whether you’re buying or selling in Wildwood, understanding these trends will help you make informed decisions. Stay connected with a local real estate professional to navigate the changing market dynamics effectively.