A Deep Dive into Norman’s Real Estate Market – November 2024 Update

Should We Wait To Buy/Sell?

The change in the weather in real estate is always worth keeping an eye on for those considering “making moves”. There are a lot of ways to approach the process, and in times where the market seems a bit chilly it is advisable to pay closer attention to the data at hand. The Oklahoma real estate market has seen some interesting changes over the past year, and I’d like to focus on my own home town of Norman specifically. As we compare October 2024 to the same month in 2023, we’re getting a clear view of where the market stands and where it may be headed. Let’s break down the numbers and explore what they mean for both buyers and sellers in our community focusing on October, and the year overall.

New Listings Surge

In October 2024, we saw a notable increase in new listings, jumping from 135 last year to 187 – that’s a 38.5% rise. Year-to-date, new listings are also up by 19.9%, with 1,977 listings compared to 1,649 in 2023. This increase in available homes is excellent news for buyers, as it means more options in a historically tight market. For sellers, the additional inventory brings competition, making it essential to present homes at their best and set competitive prices.

Pending Sales Reflect Steady Demand

Pending sales in October 2024 rose by 21.8%, reaching 123 compared to 101 in October 2023. This increase suggests that buyer interest remains strong, despite rising inventory levels. On a year-to-date basis, pending sales are up by 4.2%. While there may be more options, buyers are still actively making offers and committing to purchases.

Closed Sales Drop Slightly

One of the more interesting shifts is the drop in closed sales, which fell by 15.2% in October 2024 compared to the previous year. This may indicate a longer time needed for transactions to close, potentially due to buyer caution or stricter lending practices. However, year-to-date closed sales are up slightly by 2.6%, showing steady progress over the long term.

Days on Market Until Sale: Homes Take Longer to Sell

The days on market until sale increased from 39 days in October 2023 to 47 days in October 2024, marking a 20.5% rise. Year-to-date, the average days on market increased by 11.1%. This means that homes are taking a bit longer to sell, reflecting a balanced market where buyers are taking more time to make decisions, possibly due to the increased inventory.

Median and Average Sales Prices Continue to Rise

The median sales price has increased by 5.7% year-over-year in October, rising from $265,000 to $280,000. Year-to-date, the median price is up by 8.9%, reflecting the overall upward trend in home values in Norman. Similarly, the average sales price has seen a 5.6% increase year-to-date, reaching $318,675. For homeowners, this is positive news as it indicates an appreciation in property values, even as the market adjusts to more inventory.

Percent of List Price Received Remains Steady

The percent of list price received has remained nearly unchanged, with a very slight dip from 98.1% to 98.0% in October 2024. Year-to-date, it’s also stable at 98.3%, indicating that homes are generally selling close to their asking prices. This stability suggests that both buyers and sellers have realistic expectations, contributing to a balanced market environment.

Inventory Levels and Months Supply of Inventory

One of the most significant changes is the increase in inventory. The inventory of homes for sale jumped by 65.9%, from 296 in October 2023 to 491 in October 2024. Likewise, the months’ supply of inventory increased by 61.9%, moving from 2.1 months to 3.4 months. This rise in inventory means we’re shifting from an extreme seller’s market to a more balanced one. For buyers, this is a welcome shift as it eases some of the competitive pressures that have characterized the past few years.

What Does This Mean for Buyers and Sellers?

For buyers, these statistics present a unique opportunity. With more listings and a longer average time on the market, you have the chance to explore multiple options and negotiate deals without feeling rushed. However, prices are still rising, so it’s wise to act sooner rather than later if you find a home that meets your needs.

For sellers, the increase in inventory and time on the market means that preparing your home for sale is more critical than ever. Staging, curb appeal, and competitive pricing can make a significant difference in this more balanced market. Although homes are taking slightly longer to sell, the good news is that they’re still fetching prices close to the list price, indicating that demand remains strong.

Final Thoughts

Norman’s real estate market is evolving, showing signs of a balanced environment where both buyers and sellers can find opportunities. For buyers, this means more choices and the potential for negotiation, while sellers still benefit from rising property values. For those hoping to move with expediency I would highly suggest pricing as competitively as you are able to. As we move forward, monitoring these trends will be essential to make informed decisions in our local market. Whether you’re buying or selling, understanding these dynamics can help you achieve the best outcome in your real estate journey.

If you have any questions or would like to discuss your real estate goals, feel free to reach out. We’d love to help you navigate this ever changing market.