November 2023 Market Statistics

Average & Median Sales Price

In November 2023, the median sales price was $210,000, a decrease of -2.33% from the previous month’s $215,000, but up 7.69% from November 2022’s $195,000. The average sales price in November 2023 was $244,242, a decrease of -2.68% from the previous month’s $250,965, but an increase of 8.56% from November 2022’s $224,980. Both median and average sales prices in November 2023 were at their highest levels compared to November 2022 and 2021.

Sales Price / List Price Ratio

The sales price/list price ratio is the average sale price divided by the average list price. If above 100%, homes are selling for more than the list price; if below 100%, homes are selling for less. In November 2023, the ratio was 96.11%, down from the previous month and the same period the previous year.

Number of Properties Sold & Absorption Rate

The number of properties sold in November 2023 was 207, which is a -10% decrease from the previous month and an -8% decrease compared to November 2022. The absorption rate is the average number of sales per month divided by the total number of available properties.

Average Days on Market

The average days on market (DOM) for a property indicates whether it is a buyer’s or seller’s market. The DOM for November 2023 was 39 days, the same as the previous month, but 21.88% higher than November 2022. This indicates a trend towards a buyer’s market, and November 2023 had the highest DOM compared to November 2022 and 2021.

Average Sales Price per Square Foot

In November 2023, the sales price per square foot was $128, which remained the same as the previous month and was 4.92% higher than the price of $122 in November 2022. This indicator is useful for understanding property value trends.

Inventory & MSI

In November 2023, the number of properties for sale was 767, which was the same as the previous month and 4.35% higher than November 2022. The higher inventory level was more favorable for buyers than sellers, as reflected in the Market Sales Index (MSI) of 3.71 months, which was the highest compared to November 2022 and 2021.

New Listings

In November 2023, there were 255 new listings, a 24.33% decrease from the previous month, and a 1.59% increase from November 2022. The number of listings was average compared to November 2022 and 2021.