Village of Oak Creek 2024 Real Estate Housing Market Statistics and Numbers

Have you noticed the shifts happening in The Village of Oak Creek real estate market?

With inventory on the rise and prices adjusting, things are moving fast.

If you’re wondering how these changes might affect you, you’re not alone. Staying ahead of these trends could be the key to making informed decisions in this evolving landscape.

Let’s take a closer look at what’s unfolding and what it means for your future plans.

A Quick Look at the Numbers

Active Listings:

In August 2024, there were 92 active listings in the Village of Oak Creek, up from 89 in July 2024, marking a month-over-month increase of 3.4%. Compared to August 2023, when there were 75 active listings, this reflects a year-over-year increase of 22.7%.

New Listings:

There were 30 new listings in August 2024, a substantial rise from 18 in July 2024, resulting in a month-over-month increase of 66.7%. Compared to August 2023, which had 23 new listings, this represents a year-over-year increase of 30.4%.

Pending Listings:

The number of pending listings in August 2024 remained the same as in August 2023, at 16 listings, showing no year-over-year change. However, it increased from 11 in July 2024, reflecting a month-over-month increase of 45.5%.

Sold Listings:

August 2024 recorded 18 sold listings, up from 12 in July 2024, marking a month-over-month increase of 50%. There was no year-over-year change in sold listings, as 18 properties were also sold in August 2023.

Sold Average Sale Price:

The average sale price for sold properties in August 2024 was $831,986, slightly higher than the $822,610 in July 2024, representing a month-over-month increase of 1.1%. Compared to August 2023, when the average sale price was $807,778, this reflects a year-over-year increase of 3%.

Sold Median Sale Price:

The median sale price for sold properties in August 2024 was $823,000, up from $719,500 in July 2024, reflecting a month-over-month increase of 14.4%. Compared to August 2023, when the median sale price was $717,500, this represents a year-over-year increase of 14.7%.

Average Days on Market:

Sold properties in the Village of Oak Creek had an average days on market (ADOM) of 132 days in August 2024, up from 92 days in July 2024, a month-over-month increase of 43.5%. Compared to August 2023, when the average days on market was 83 days, this represents a year-over-year increase of 59%.

What Do They Mean?

Inventory Levels

Inventory in the Village of Oak Creek increased 22.7% year-over-year, and new listings surged 66.7% from July to August 2024. This suggests that sellers are responding to strong demand or preparing for potential seasonal slowdowns.

Buyers now have more choices, reducing urgency, while sellers face more competition. Strategic pricing and property preparation are becoming crucial as the market approaches a more balanced state.

Sales Activity

While year-over-year sales activity remains stable, the 50% month-over-month increase in sold listings indicates strong late-summer demand. This could be driven by buyers rushing to purchase before potential interest rate hikes.

The unchanged number of pending listings year-over-year suggests that some homes are taking longer to sell. Sellers need to be mindful of rising inventory and ensure competitive pricing to attract buyers quickly.

Pricing Stability

Year-over-year, the median sale price increased by 14.7%, signaling strong demand for mid-market properties, while the average price rose by just 3%. This suggests stability, with mid-priced homes seeing more competition.

Month-over-month, prices also increased, but the rising average days on market (up 59% year-over-year) indicates some homes are taking longer to sell. Buyers can expect more options, while sellers should be prepared to negotiate as inventory increases.

Looking Ahead

Price Projections

As inventory grows, prices may face slight downward pressure, especially if buyer demand doesn’t keep pace with the increasing listings. While year-over-year price growth is healthy, rising days on market and more competition could lead to a stabilization in prices.

Sellers should be flexible with their pricing, especially for homes on the higher end. Buyers can expect more room for negotiation, particularly on homes that linger on the market.

Economic Indicators

Interest rates will continue to play a crucial role in shaping the market’s future. If interest rates stay stable or decrease, demand should hold, supporting pricing.

However, rising rates may push some buyers out of the market, especially for higher-priced homes. Inflation or rising mortgage rates can affect affordability, slowing down buyer activity, which may further increase inventory levels and impact pricing.

What Type of Market Are We In?

The Village of Oak Creek is moving toward a balanced market, with rising inventory and increased days on market. Buyers are gaining more negotiating power as supply grows, especially in higher price ranges.

While the mid-market remains competitive, the luxury segment may experience softening if inventory continues to rise. Sellers should price competitively, as overpriced homes may sit on the market longer, leading to price reductions.

How Does This Affect You?

For Buyers

With more inventory, buyers have increased choices and negotiating power, especially for homes that have been on the market longer. The market’s shift toward balance means there’s less pressure to rush into decisions.

However, mid-market homes are still competitive, so act decisively if you find a well-priced home. Higher-end homes may offer more room for negotiation as inventory continues to grow, particularly in luxury segments.

For Sellers

Sellers must adjust to rising competition in the market. Homes that are not priced competitively or are not well-prepared may linger, leading to potential price reductions. The key is to set realistic pricing from the start, especially in higher price ranges, where buyer activity may soften.

With more inventory, it’s also essential to ensure homes stand out with proper staging, repairs, and strategic marketing to attract buyers quickly.

For Investors

Increasing inventory and rising days on market offer potential opportunities for investors to negotiate better deals, especially on homes that have been listed for a longer time. With the market moving toward balance, investors can find properties at a discount, particularly in higher-end segments.

However, monitoring inflation and interest rates is crucial to ensure investments align with future market trends.

If you have any questions or need personalized advice, don’t hesitate to reach out. Whether you’re looking to buy, sell, or invest, I am here to help you navigate the Village of Oak Creek real estate market successfully.

For more information on how these numbers affect you or for a specific neighborhood, contact me for free information.