As we move into the heart of summer, the Oakhurst real estate market is showing some interesting trends. Let's take a closer look at the key metrics shaping the local housing landscape.
Home Values on the Rise
According to Zillow, the average home value in Oakhurst has reached $437,816, representing a 3.8% increase over the past year. This steady appreciation indicates continued demand for Oakhurst properties, despite broader economic uncertainties.
Days on Market Trending Down
One of the most notable shifts we're seeing is in the average days on market (DOM). In June 2024, homes in Oakhurst spent an average of 54 days on the market before selling. This marks a significant 36.1% decrease compared to the same period last year when the average DOM was 84 days. This acceleration in sales pace suggests a more competitive market, with buyers acting quickly on desirable properties.
Breaking down the June sales:
- 30% of homes sold in under 30 days
- 60% sold between 30-90 days
- Only 10% remained on the market for over 90 days
Price Reductions Becoming More Common
Despite the overall appreciation in home values, we're seeing an increase in price reductions. In May 2024, 23.1% of listed homes had a price drop, which is a substantial 18.3 percentage point increase year-over-year. This trend indicates that some sellers may be adjusting their expectations to meet current market conditions.
Sale Prices vs. List Prices
An analysis of recent sales reveals:
- 66.7% of homes sold below asking price
- 11.1% sold at asking price
- 22.2% sold above asking price
This distribution suggests that while there's still strong demand for certain properties, buyers generally have more negotiating power than in the recent past.
Housing Inventory Levels
As of June 2024, there were 80 homes for sale in Oakhurst, a slight 3.9% increase from the previous month. The breakdown by bedroom count is as follows:
- 1 bedroom: 2 homes (up from 0)
- 2 bedrooms: 13 homes (18.2% increase)
- 3 bedrooms: 45 homes (2.2% decrease)
- 4 bedrooms: 14 homes (7.7% increase)
- 5+ bedrooms: 6 homes (14.3% decrease)
Housing Market Competitiveness
While not as frenzied as some larger metropolitan areas, the Oakhurst market remains somewhat competitive. Redfin data indicates that some homes are still receiving multiple offers. However, the average home is selling for about 3% below list price and spending around 39 days on the market before going pending.
Bottom Line
The Oakhurst housing market in July 2024 presents a mixed picture. While home values continue to appreciate and days on market are decreasing, we're also seeing more price reductions and homes selling below asking price. This suggests a market that's finding a new equilibrium after the intense seller's market of recent years.
For buyers, this could mean more opportunities to negotiate and potentially find good value. Sellers, on the other hand, may need to be more strategic in their pricing and prepared for a potentially longer sales process than they might have expected a year ago.
As always, real estate remains local, and conditions can vary significantly from one neighborhood to another. For the most accurate advice on your specific situation, it's best to consult with a local real estate professional who can provide personalized insights based on your unique needs and goals.
