November 2024 Market Trends in Rockport, TX

The real estate market in Rockport, TX, continued to showcase interesting trends this November. Whether you're buying or selling, understanding these key metrics is essential to making informed decisions.

Market Overview

November 2024 indicates a buyer’s market, as inventory levels increase and properties take longer to sell. With a Months Supply of Inventory at 10.89, buyers have a wide variety of properties to choose from, shifting the dynamics in their favor.

Key Market Metrics

Here’s a closer look at the numbers:

• Months of Inventory: 10.89 (Up 0.65% Month Over Month)
• List to Sold Price Percentage: 96.1% (Down 1.22% Month Over Month)
• Median Days on Market: 112 (Up 20.43% Month Over Month)
• Median Sold Price: $369,990 (Up 3.49% Month Over Month)

What These Numbers Mean

1. Months of Inventory
   At 10.89 months, inventory levels remain high, creating more opportunities for buyers to find their ideal property. For sellers, this indicates increased competition in the market, so strategic pricing is crucial.

2. List to Sold Price Percentage
   Homes are selling at 96.1% of their list price, reflecting a slight decline in the ability of sellers to achieve their asking price. For buyers, this could be an opportunity to negotiate favorable terms.

3. Median Days on Market
   Properties are spending an average of 112 days on the market—about 20% longer than the previous month. This suggests a less frenzied pace, allowing buyers more time to make decisions while requiring sellers to be patient.

4. Median Sold Price
   The median sold price has risen to $369,990, marking a 3.49% month-over-month increase. This shows that while inventory is growing, home values remain strong, offering stability to sellers and reassurance to buyers about their investment.

Insights for Buyers and Sellers

• For Buyers: With ample inventory and longer market times, this is a great time to explore your options and negotiate favorable terms. Keep an eye on properties staying on the market longer, as sellers may be more open to negotiation.

• For Sellers: Pricing competitively and preparing your home for showings are essential strategies in this market. With more inventory and slightly reduced buyer urgency, standing out is key to a successful sale.

Stay informed on Rockport’s real estate trends and make the best decisions for your property goals. Whether you're looking to buy your dream home or sell for top dollar, these insights will help you navigate the market with confidence.