Last month was an active month for the real estate market in our combined neighborhoods of McFerrin Park, Cleveland Park, and Highland Heights.
For the month of May, we had a total of 10 properties close for an average sales price of $589,300. The median list price per foot checked in at 371, and the median sales price per foot was 383. The median days on market was 2, with the contract to close period lasting 28 days. There are currently 27 active properties in our neighborhoods with 29 pending properties.
Depending on how closely you follow these numbers, you may see a HUGE decrease in closed properties compared to this same month last year (a 140% decrease). Still, we are in a very healthy market for sellers considering the inventory shortage (-131% from last year) and sales price increase (26% increase over the previous year).
If you have any questions about your home value or purchasing a home in our area – please reach out. See you next month!