Your monthly real estate market update for Lewis & Clark County is here! We’ve analyzed the latest data from August 2024 and compiled the key insights to keep you informed and up-to-date on the trends shaping our local real estate market.
SUMMARY:
August 2023 vs August 2024
Single family homes in Lewis & Clark County
Median sales price is up which means homes are selling for more money
New listings and inventory are up which means there are more homes on the market
Days on market (DOM) have stayed about the same, so homes are selling at the same rate
MEDIAN SALES PRICE
Median sale prices for single-family homes in Lewis and Clark County rose by $16,000 (3.5%) from August 2023 to August 2024. This steady rise in home prices reflects the growing demand and value in our area. Compared to August 2019, the median sale price has surged by $201,830 over the past five years, marking a significant increase,, highlighting a significant upward trend over the past few years. While home prices continue to climb, the rate of increase is beginning to slow.
HOMES FOR SALE
The inventory of single-family homes for sale in August 2024 increased by 30% compared to August 2023, with 38 more homes on the market. This substantial rise suggests a positive shift for buyers, as more sellers are listing their properties. However, compared to 2019, there are still 100 fewer homes for sale, highlighting the ongoing scarcity of inventory in the market.
DAYS ON MARKET
Even though the median sale price has increased year over year and the number of homes for sale has also risen, the days on market (DOM) — or how long a home takes to sell — has remained virtually unchanged. This indicates steady demand for homes in our area, with buyers acting quickly to secure properties. Compared to 2019, DOM has decreased by 24 days, highlighting the ongoing competitiveness of the market.
Have questions about the current real estate market or are curious about your property’s value in today’s market? Contact us! We’re here to help you navigate the ever-changing landscape of real estate with confidence and ease.
