Hingham Real Estate Market: September Recap

Today, let's dive into some real estate metrics that both buyers and sellers should be aware of when considering the current Hingham Real Estate market conditions. By analyzing these metrics, you'll gain a better understanding of the correlation and how they can impact your real estate decision-making process. So, let's get started!

Today, let's dive into some real estate metrics that both buyers and sellers should be aware of when considering the current Hingham Real Estate market conditions. By analyzing these metrics, you'll gain a better understanding of the correlation and how they can impact your real estate decision-making process. So, let's get started!

First, let's take a look at the Months Supply of Inventory in Hingham which currently stands at 1.66. This metric represents the number of months it would take to sell all the available homes on the market, given the current sales pace. A lower number suggests a seller's market, indicating high demand and limited supply.

Next, we have the 12-Month Change in Months of Inventory, which shows a significant decrease of -53.11%. This indicates that the inventory has decreased substantially over the past year in Hingham.Such a drop suggests a tightening market, resulting in increased competition among buyers.

Now, let's shift our attention to the Median Days Homes are On the Market, which stands at just 15 days. This metric represents the average number of days it takes for a home to sell once it is listed. A low number like this signals a fast-paced market where properties are being snatched up quickly.

Moving on, we have the List to Sold Price Percentage, which currently sits at 103.4%. This metric reveals the percentage at which the final sales price compares to the initial listing price. A value above 100% indicates that homes are generally selling for more than what they were listed for. This is excellent news for sellers, as it suggests a strong demand and potential bidding wars.

Lastly, we have the Median Sold Price, which currently stands at $1,439,000. This metric represents the middle point of all the sold prices in the market. It gives you an idea of the overall price range and can help both buyers and sellers gauge the market's affordability and potential returns.

Now, let's tie all these metrics together. The low Months Supply of Inventory, combined with the decreasing 12-Month Change in Months of Inventory, suggests a limited supply of homes on the market in Hingham.This scarcity drives up competition among buyers, leading to a fast-paced market as indicated by the low Median Days Homes are On the Market.

Furthermore, the List to Sold Price Percentage above 100% indicates that sellers are often receiving offers above their asking price, which is a reflection of the high demand and competitive nature of the market. All of these factors contribute to the Median Sold Price of $1,439,000, which is quite substantial and suggests a higher-priced market ( compared to ...... in 2022)

In conclusion, with a low supply of inventory, decreasing months of inventory, fast-selling homes, competitive bidding, and higher median sold prices, we can conclude that this real estate market is currently favoring sellers. Buyers should be prepared for a competitive market with limited options, while sellers can potentially benefit from the high demand and obtain favorable selling .

Whether you're a buyer or seller, understanding these correlations will help you make informed decisions and navigate the real estate market with confidence.

If you have any questions about your own specific real estate questions. Give me a call at 617-899-4508

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