August Market Updates for Medina & Gibson County
I bet everyone is about to be shocked by what I have to say… Are you ready? It’s a fast moving market, and we need houses. Oh, you’re not surprised? Me either…
In Medina, homes are moving fast and competitively. We continue to see a rise in the average price of the home – $235,000 in Medina, up 15% from last year, as well as 24 average days on the market, down 48% from 2019. Additionally, we continue to see a severe shortage in homes, only 13 new homes to market, down 32% from last year. There were 19 homes sold in Medina in August, which is equal to the amount sold in August 2019. However, this is down from both June and July of this year.
In Gibson County as a whole, we are seeing the same trend of a fast moving market with an average of 37 days on the market, down 28% from 2019. Additionally, we are seeing 41% less new homes to market than we did in 2019, with 55 new homes to market in August of this year. We are seeing a slight increase in sales, with 64 this month (up 5% from last year.) We are seeing the average price decline slightly, $134,900 in August this year, down 7% from last year. This was a surprising number to me, but I think it’s likely we will see it rise again in September, especially since the prices were a bit higher earlier in the summer.
What does that mean for you? Well, if you are a seller, this is great news for you. The lack of homes means less competition for you, meaning that you can charge more per square foot and potentially sell more quickly. Making sure that you are working with a marketing agent who knows how to position your home in the market will also ensure the listing moving quickly. For details on what it’s like to list with me, check out my “Selling” page.
If you are a buyer, this doesn’t mean that you won’t be able to find a house, but it does mean that you need to be able to move quickly. Knowing what you’re looking for, getting pre-approved, and being prepared with a lender will help you be able to secure you dream home when we find it. If you need a lender, please visit my resources tab for a list of excellent lenders I have personally vetted. If you’re wanting more details on what this process is going to look like, text me (731-697-8558) or visit my purchasing page.