The Long & Foster Market Minute

FOCUS ON: MORGAN COUNTY HOUSING MARKET MAY 2024

Units Sold
12
Active Inventory
70
Median Sale Price
$274,500
Days On Market
46
Down
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -6%
Vs. Year Ago
Up 7%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in May, with 12 sold this month in Morgan County Real Estate. This month's total units sold was lower than at this time last year, a decrease from May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 7 units or 11%. The total number of active inventory this May was 70 compared to 63 in May 2023. This month's total of 70 is lower than the previous month's total supply of available inventory of 73, a decrease of 4%.

Median Sale Price
Last May, the median sale price for Morgan County Homes was $291,250. This May, the median sale price was $274,500, a decrease of 6% or $16,750 compared to last year. The current median sold price is 2% lower than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
31
Current Contracts
28
Sold Vs. List Price
96.8%
Months of Supply
5.8
No Change
Vs. Year Ago
Up 47%
Vs. Year Ago
Down -3.1%
Vs. Year Ago
Up 178%
Vs. Year Ago

Months of Supply
In May, there was 5.8 months of supply available in Morgan County, compared to 2.1 in May 2023. That is an increase of 178% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 31 homes newly listed for sale in Morgan County, which is similar to the amount in May 2023. There were 28 current contracts pending sale this May compared to 19 a year ago. The number of current contracts is 47% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Morgan County was 96.8% of the average list price, which is 3.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 46, higher than the average last year, which was 43, an increase of 7%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.