The summer is here, and it’s time to review Kingston’s real estate market performance in June.
June 2024 Market Snapshot
New Listings
In June, we had 306 new listings, down 2.9% from 315 in June 2023. Listings peaked in May with 425, following 381 in April and 281 in March.
Homes for Sale
There are 467 homes for sale, up 23.2% from 379 last June. Inventory has steadily increased, with March having 368, April 440, and May 511. More homes mean more choices for buyers.
Average Sold Price
The average sold price in June was $656,645, a modest decrease of 1.4% from $674,000 last June. Prices spiked in March with a 9.4% increase but have since stabilized.
Homes Sold
In June, 193 homes were sold, a significant 22.2% increase from 158 in June 2023. Sales dipped in March and May but rebounded in June, showing active buyer interest.
Monthly Supply
The monthly supply is 3.7, up 27.6% from 2.9 last June. Supply has been rising since March, indicating a shift in market balance.
Trends and Insights
Over the past few months, the market has seen rising inventory and steady price increases. The market is more balanced compared to 2023. Listings and homes for sale increased from March to June, indicating high seller interest. Prices rose steadily, and sales peaked in June, reflecting eager buyers.
Advice for Buyers and Sellers
For Buyers: More homes mean more choices. Use this to your advantage and act quickly when you find the right home. Prices are stable but slowly rising.
For Sellers: Competition is high. Ensure your home is priced right and stands out. There are serious buyers out there ready to make a move.
If you have any questions or need assistance with real estate, feel free to reach out. We are here to help!