In May 2024, the total housing inventory took a notable dip, decreasing by 7.39%. This left only 752 existing homes available for sale by the end of the month. Over the past year, this area has averaged 246 closed sales per month, resulting in an unsold inventory index of 3.05 MSI for this period.

This month brought good news for sellers, as preliminary trends indicate a significant increase in average sale prices. The average price of homes in May 2024 climbed to $361,791, marking a 5.21% rise compared to $343,878 in May 2023.

Homes are selling faster than before, with the average days on market (DOM) dropping to 48.46 days. This is a decrease of 1.70 days, or 3.40%, compared to the same month last year when the DOM was 50.16 days.

May 2024 has shown a strong performance in the housing market, with increasing average prices and decreasing days on market. The Listed versus Closed Ratio also finished strong.

In May 2024, there were 510 new listings, which is down 3.41% from 528 new listings in May 2023. However, closed listings saw a significant rise, with 248 closed this month compared to 221 last year, marking a 12.22% increase.

The closed versus listed trends yielded a 48.6% ratio, up from 41.9% in May 2023, a 16.18% upswing. This trend indicates a tightening market, which will likely put more pressure on the already decreasing Months Supply of Inventory (MSI) in the coming months.