Are you curious about how the real estate market has evolved over the past year? Buckle up, because we’re diving into a thrilling comparison of Q3 2023 and Q3 2024. Whether you’re a homeowner, potential buyer, or just a market enthusiast, this analysis will give you the insights you need to navigate the Canton real estate landscape.

Sales Volume and Market Activity

Let’s start with the basics: sales volume. In Q3 2023, Canton saw a steady number of homes sold, but Q3 2024 has taken it up a notch with a 15% increase in sales. This surge is largely driven by families looking to settle before the school year begins. The market is buzzing with activity, and it’s clear that Canton is a hot spot for buyers.

Price Trends

Now, let’s talk numbers. The average sale price in Q3 2023 hovered around $1,000,000. Fast forward to Q3 2024, and we’ve seen a 5% appreciation in homes priced between $900,000 and $1.1 million. This price bracket is sizzling hot, with buyers willing to pay a premium for the right property. On the flip side, homes under $600,000 have seen stagnant growth, making it a buyer’s market in that range.

Days on Market (DOM)

Speed is the name of the game in Q3 2024. The average DOM has dropped to just 20 days, compared to a slightly longer period in Q3 2023. Some homes are flying off the market in as little as one day! This quick turnover is a testament to the robust demand for well-priced and well-presented homes. However, properties that were re-listed after being canceled are taking longer to sell, averaging 45 days on the market.

Sale-to-List Price Ratio

In Q3 2023, the sale-to-list price ratio was around 100%, and this trend continues in Q3 2024. Homes are generally selling at or near their asking prices. However, properties with multiple price reductions are seeing lower ratios, emphasizing the importance of accurate pricing from the get-go.

Market Segmentation

Detached homes are the stars of the show, outperforming condos with higher average sale prices and quicker sales. Buyers are leaning towards single-family homes for more space and privacy. Within the condo market, developments with modern amenities and prime locations are in higher demand.

Regional Insights

Neighborhoods like Cedarcrest and Mohawk are shining examples of high-performing areas, with homes selling quickly and often above list price. These areas are desirable due to their proximity to schools and parks. On the other hand, properties in less desirable locations or those needing significant renovations are lingering on the market longer and selling for less.

Conclusion

The Canton real estate market is dynamic and full of opportunities. Whether you’re looking to buy or sell, understanding these trends can help you make informed decisions. For a deeper dive into the market and what to expect for the remainder of 2024, don’t hesitate to reach out. Let’s navigate this exhilarating market together!