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August 2024 Market Activity in Livingston County
Are you planning to buy or sell a home in Livingston County in between enjoying all of the beautiful foliage this fall? Catching up on the latest market trends is an essential step in being prepared and laying the foundation to accomplish your goals. That's why we put together a market activity summary for you every month with the latest data. Our real estate agents have all the details for you in our report on Livingston County Market Activity for August 2024.
- New Listings
We saw a substantial rise in the number of new residential listings during July 2024 compared to the previous year. July 2024 saw 280 new listings in Livingston County, compared to 240 new listings in July 2023. That's an increase of 20.4 percent in residential listings when compared to the prior year. Year to date, there were 1,557 new residential listings through July 2024, compared to 1,484 through July 2023, a year-over-year increase of 4.9 percent. So overall, the selection for buyers (and competition for sellers) has been higher in 2024 than it was in 2023. -
Average Days on Market Before Sale
The average number of days that homes spent on the market before being sold also saw a significant increase in July 2024, checking in at 41 days. Compare that to July 2023, when residential listings spent an average of 21 days on the market before sale. That's an increase of 95.2 percent compared to the previous year. Through July 2024, homes spent an average of 36 days on the market, compared to 30 days through 2023. That's a 20 percent increase in days spent on the market for the year-to-date data. -
Median Sales Price & Percent of List Price Received
The median sales price was also on the rise in July 2024, increasing from $392,750 in July 2023 to $423,000 in July 2024 – a year-over-year increase of 7.7 percent. Year to date, the median sales price has risen 2.8 percent, from $390,000 through July 2023 to $401,000 through July 2024. The percent of list price received checked in at 100.8 percent in July 2024, a decrease of 0.3 percent from July 2023 when the percent of list price received was 101.1 percent. Percent of list price received was 100.7 percent through July 2024 compared to 100.4 percent through July 2023, an increase of 0.3 percent. -
Number of Units Sold
The total number of units sold (closed sales) was down 15.1 percent, decreasing from 218 closed sales in July 2023 to 194 closed sales in July 2024. Year to date, closed sales were down 1.6 percent, from 1,096 closed sales through July 2023 to 1,078 closed sales through July 2024. -
Inventory & Months of Supply
Inventory was up in July, increasing from 351 units for sale in July 2023 to 380 units for sale in July 2024. That's an increase in inventory of 8.3 percent compared to the previous year. Months of supply also increased, rising from 2.1 months of supply in July 2023 to 2.4 months of supply in July 2024. That's an increase of 14.3 percent in months of supply when compared to the previous year.
Ready to plan your next move in Livingston County? Our local team is here to help you accomplish your real estate goals. Contact us to buy and sell homes throughout the Livingston County, MI area.