Summer is nearly upon us, and that means many people around Livingston County are considering whether now is the right time to buy or sell a home. Whether you're buying or selling, taking stock of the latest market trends can help you plan the best time to make your move. You can start that process right here, in our monthly review of the recent real estate trends. Our real estate agents have the latest on Livingston County in our report on May 2024 Market Activity.

May Market Activity 2024

If you've followed our Market Activity reports in the past, you may notice some slight changes to terminology this month, as well as a few extra data points that you may not have seen previously. We hope that you'll like the new look! Now, onto this month's data.

• New Listings
  In total, there were 263 new residential listings in Livingston County during April 2024, compared to 227 new listings in April 2023. That marks a year-over-year increase of 15.9 percent in the number of new residential listings in Livingston County. Spring is already a busy time for real estate, and spring 2024 has seen an increase in new listings compared to last year. That potentially means more competition for sellers and more inventory to choose from for buyers.

• Average Days on Market Before Sale
  During April 2024, homes in Livingston County spent an average of 24 days on the market before being sold. That marks a substantial decrease compared to April 2023, when homes spent an average of 36 days on the market before sale. By the numbers, homes spent an average of 33.3 percent fewer days on the market in April 2024 compared to one year ago.

• Median Sales Price & Percent of List Price Received
  Inventory is increasing, but so too is the median sales price for homes in Livingston County. During April 2024, the median sales price for residential properties in Livingston County was $417,450. In April 2023, the median sales price was $396,500. That's a 5.3-percent increase in median sales price from April 2023 to April 2024. By percentage of list price received, residential listings in Livingston County checked in at 100.7 percent in April 2024, compared to 100.5 percent in April 2023.

• Number of Units Sold
  In April 2024, there were 162 closed sales on residential listings in Livingston County, an increase compared to the previous year. For comparison, there were 142 closed sales on residential listings in Livingston County during April 2023. That's a year-over-year increase of 14.1 percent in the number of residential units sold in Livingston County.

• Inventory & Months of Supply
  A new category for this month, keeping track of inventory, can provide valuable insights into whether you're thinking about buying or selling a home. In April 2024, the inventory of homes for sale in Livingston County was 296, a 4.6-percent increase compared to April 2023, when the inventory of homes for sale was 283. That equates to 1.9 months of supply in April 2024, compared to 1.6 months of supply in April 2023.

Achieving your real estate goals is so much easier with the right team on your side, and our local team is here to help with all of your real estate needs. Contact us to buy and sell homes throughout the Livingston County, MI area.