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Welcome back to another market update blog. Today, we'll be diving into the latest data and trends that will surely keep both buyers and sellers engaged and interested. So, let's get right into it!
As of January 2024, the real estate market in Cherokee County is showing some intriguing figures. Currently, we have a 1.97 Months Supply of Inventory, which indicates a seller's market. Over the last 12 months, we've seen a significant increase of 32.21% in the Months Supply of Inventory. This suggests a growing demand for homes in our beautiful area.
Now, let's talk about the List to Sold Price percentages. In Cherokee County, sellers are getting 98.6% of their asking price, which is fantastic news. This high percentage demonstrates that the market is favorable to sellers, allowing them to secure a great return on their investment.
Moving on, let's discuss the median days on the market. Currently, homes in Cherokee County are spending an average of 24 days on the market before being sold. This relatively low number indicates a fast-paced market, where buyers need to act swiftly to secure their dream home.
Lastly, let's take a look at the median sold price. In Cherokee County, the median sold price for homes stands at $456,400. This figure represents the midpoint of all the sold properties in our area, giving you an idea of the general price range you can expect.
Now that we've covered the latest market data, let's briefly touch on what this means for both buyers and sellers in Cherokee County.
For buyers, the current market conditions indicate a competitive landscape. With a low supply of inventory and homes selling quickly, it's crucial to be prepared and work closely with a REALTOR® who can help you navigate the market efficiently. As new listings hit the market, it's important to act promptly to secure your desired property.
Sellers, on the other hand, can benefit from the favorable conditions. The high List to Sold Price percentage highlights the potential for a profitable sale. However, it's still essential to price your home accurately and work with an experienced REALTOR® who can assist you in maximizing your return.
Whether you're a buyer or a seller, I'm here to help you navigate the real estate market in Cherokee County. If you have any questions or would like personalized guidance, please don't hesitate to reach out to me. Together, we can achieve your real estate goals.
Thank you for tuning in to today's market update. I hope you found this information valuable and insightful. Stay informed, stay engaged, and remember, I'm here to guide you every step of the way. Until next time, I'm Paul Washington, your dedicated REALTOR® in Cherokee County, Georgia. Wishing you a wonderful day ahead!
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