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August's market stats are starting to reflect the reduced number of buyers in 2024. The number of listings is up but transactions are down for the most part. The average value of all types of homes has decreased by as much as 6%.
Summers are typically a quiet time for real estate transactions, so with the recent drop in interest rates coupled with the fresh fall market, I sense that the number of transactions will increase compared to last fall and especially early 2024. With that said, I do think prices will remain fairly flat for the remainder of 2024.
If you're planning a move in 2025 it's not too early to start the preparation, so please so reach out with any questions. -Andrew.
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