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June 2024 Market Activity in Livingston County
Whether you're buying or selling, being informed about the latest market trends is an essential step in preparing yourself for success. That's especially true during the busiest times of year for real estate, including summer, when competition is at its peak. If you've been looking for the latest data on Livingston County, you've come to the right place. Our real estate agents have the details in our report on Livingston County Market Activity for June 2024.
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New Listings
First up, the number of new residential listings. There were 288 new residential listings in May 2024, a decrease of 6.8 percent from May 2023, when there were 309 new residential listings. However, new listings are also up, when comparing year-to-date numbers. There were 977 new residential listings through May 2023 and 1,029 new residential listings through May 2024. Overall, there have been 5.3 percent more listings year-to-date than there were this time last year. -
Average Days on Market Before Sale
Recent months have seen a substantial decrease in the average number of days that residential listings remain on the market before sale, and that continued in May 2024. Homes took an average of 23 days on the market before sale in May 2024, compared to 30 days in May 2024. The year-to-date numbers are up 2.7 percent, increasing from 37 days through May 2023 to 38 days through May 2024. -
Median Sales Price & Percent of List Price Received
The median sales price of $393,250 in May 2024 was down 4.1 percent from the median sales price in May 2023, which checked in at $410,000. The year-to-date data, however, has been on the rise. The median sales price was $380,000 through May 2023, and has risen by 2.6 percent to $390,000 through May 2024. The percent of list price received was 101.5 percent in May 2024, a decrease of 0.3 percent from May 2023 when that number was 101.8 percent. Year-to-date, the percent of list price received is up 0.4 percent, from 100 percent to 100.4 percent. -
Number of Units Sold
In total, the number of units sold (closed sales) was down 1.1 percent, decreasing from 184 in May 2023 to 182 in May 2024. There's been a 2.1 percent increase in number of units sold year-to-date compared to the previous year, increasing from 670 to 684 units sold. -
Inventory & Months of Supply
Compared to this time last year, the inventory of homes for sale in Livingston County has seen a slight decrease of 4.1 percent. Inventory stood at 340 units in May 2023, and 326 units in May 2024. That level of inventory equates to 2.0 months of supply, a number that has remained static when comparing May 2024 to May 2023.
Buying or selling a home this summer? Choosing the right real estate team is a crucial step in accomplishing your goals, and we're here to help. Contact us to buy and sell homes throughout the Livingston County, MI area.