Kirkley: Navigating the real estate market and anticipating 2024 trends
Note: The following article is provided by Crye-Leike real estate broker Tracy Kirkley regarding the local real estate market specific to Olive Branch and possible trends in the new year.
By Tracy Kirkley, Crye-Leike Realtors
As we approach the end of 2023, the real estate market in Olive Branch, Mississippi, presents a unique landscape for both buyers and sellers. The trends observed in the last couple of months offer valuable insights, not just for the current market dynamics but also for what we can anticipate in 2024.
In October and November of 2023, Olive Branch witnessed the sale of 94 existing homes. This figure is slightly down from the 99 homes sold during the same period last year, indicating a relatively stable market. However, a closer look reveals subtle shifts that are crucial for understanding the current market.
One significant change is the list-to-sell price ratio. This year, the ratio has slightly decreased to 97.77% from 99.15% in the previous year. This shift suggests that buyers are now in a position to negotiate more effectively than they were last year. For instance, a home listed at $100,000 this year might have sold for around $97,700, compared to approximately $99,000 last year.
Another key factor is the increase in the average days on market. Homes in Olive Branch are now taking an average of 30 days to sell, compared to just 20 days last year. This increase underscores the need for sellers to be patient and ensure their properties are in prime condition to attract buyers.
Despite these changes, the average price per square foot for existing homes has remained stable at $148, both this year and last. This stability is a positive sign for the Olive Branch real estate market, indicating sustained value in the properties.
A notable trend in 2023 is the increase in sellers contributing to buyer closing costs. Approximately 42% of sellers have paid some closing costs for buyers, with nearly a third paying at least $5,000. This trend is a significant increase from last year and reflects the current interest rate and affordability challenges.
Looking ahead to 2024, I predict a dynamic shift in the market. With interest rates showing a downward trend, buyer activity is likely to increase significantly. The start of the new year could see a surge in demand, potentially leading to more competition and multiple offers, especially in lower price ranges. Buyers might find it advantageous to enter the market before the year ends to leverage their negotiating power. For sellers, the anticipated increase in buyer activity means more traffic in their homes. It’s advisable to make any necessary adjustments in terms of price and condition at the start of the year. This proactive approach will ensure that their listings are fresh and appealing when the expected wave of buyers enters the market.
In conclusion, both buyers and sellers in Olive Branch have unique opportunities and challenges as we transition into 2024. Understanding these market dynamics is crucial for making informed decisions. For personalized advice and assistance in navigating the Olive Branch real estate market, feel free to reach out to me, Tracy Kirkley, at Crye-Leike Realtors. Contact me directly at 901-210-8045 or via email at tracy@tracykirkley.com (Office 662-895-8300). Let’s work together to achieve your real estate goals in this dynamic market.
Tracy Kirkley is 21-year real estate veteran and a leading real estate expert in Olive Branch, Mississippi, known for her in-depth market knowledge and commitment to providing exceptional service to her clients.
