Let’s just start this one off with the inevitable: We need more houses. That’s right, the trend continues with seeing too few homes on the market to keep up with the demand.
In the month of July, we saw only 18 homes new to market in Medina, which was was down 22% from July of 2019. This trend was similar in Gibson County as a whole, with 61 homes new to market, down 16%.
However, as a result of less homes on the market, we are seeing our median price increase, because as there as fewer competitors on the market, homeowners are able to charge more per sq. ft. In Medina, the median home price for July 2020 is $229,391, up 21%. This trend is true in Gibson County as a whole as well, with the median home price $150,000, up 40% from last year.
Additionally, the market is still moving quickly, and despite the few homes on the market, we saw an increase of 69% in homes sold in Medina, 22 in the month of July. Gibson County also saw an increase, though a bit a smaller at 25%, with 71 homes sold.
As far as length of time on the market, we are seeing an increase in Medina of 184% in Medina with an average of 102 days. However, this is largely because many homes recently put on the market are brand new construction and still in the process of being built. In Gibson County as a whole, there was an increase of 43% with the average days on the market at 61.
However, don’t let that number scare you! In my experience, things in the Medina and Gibson County area are still going quickly – my most recent listings in the area have gone under contract within two weeks or less. Additionally, keep in mind this statistic takes into account the time from when you list the home all the way until closing. Though, I will say, this is why you want to make sure that you have a marketing agent, someone who is going to strategically place your home in the market to sell quickly and meet your goals. Marketing the home on social media, with other realtors®, and using the right tools to do so are imperative. For more information on my selling process, check out my “in the market” page.
Okay buyers, I haven’t forgotten about you. You’re probably seeing some of these statistics and panicking a little bit – “It’s a seller’s market!” “Is this the wrong time?!” “How am I ever going to find a house if there’s not enough homes on the market?” <— These are common concerns, but I’ve got you covered. We are seeing record low interest rates right now, which actually makes it an incredible time to buy a home, despite the home shortage. Plus, I will always work tirelessly to make sure you find your dream house, even if it means spending hours searching the MLS and looking at countless homes with you. Are you ready to start looking? Let’s get in contact, and in the meantime, get you pre-approved with a lender so that dream home doesn’t slip through your grasp. For a list of lenders and a detailed explanation of the home buying process, be sure to check out my purchasing page made especially to answer your biggest questions.
For any further questions, send me a text at 731-697-8558 or feel free to call me at the office at 731-668-1777. I can’t wait to talk to you!