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

The Village of Oak Creek real estate market is full of surprises right now.

More homes are hitting the market, prices are adjusting, and opportunities are opening up for savvy buyers and sellers.

If you’re planning your next move, staying informed is crucial.

With inventory increasing and homes taking longer to sell, understanding these trends could give you the upper hand.

A Quick Look at the Numbers

Active Listings:

In September 2024, there were 110 active listings in the Village of Oak Creek, down from 119 in August 2024, marking a month-over-month decrease of 7.6%. Compared to September 2023, which had 126 active listings, this represents a year-over-year decrease of 12.7%.

New Listings:

There were 33 new listings in September 2024, down from 49 in August 2024, a month-over-month decrease of 32.7%. Compared to September 2023, which had 42 new listings, this represents a year-over-year decrease of 21.4%.

Pending Listings:

The number of pending listings decreased to 9 in September 2024 from 33 in August 2024, a sharp month-over-month decrease of 72.7%. Compared to September 2023, which had 27 pending listings, this is a year-over-year decrease of 66.7%.

Sold Listings:

September 2024 recorded 12 sold listings, down from 27 in August 2024, a month-over-month decrease of 55.6%. Compared to September 2023, which had 22 sold listings, this represents a year-over-year decrease of 45.5%.

Sold Average Sale Price:

The average sale price for sold properties in September 2024 was $1,055,267, down from $1,235,567 in August 2024, a month-over-month decrease of 14.6%. Compared to September 2023, with an average sale price of $1,062,838, this represents a slight year-over-year decrease of 0.7%.

Sold Median Sale Price:

The median sale price for sold properties was $967,500 in September 2024, down from $1,050,000 in August 2024, a month-over-month decrease of 7.9%. Compared to September 2023, which had a median sale price of $975,000, this is a year-over-year decrease of 0.8%.

Average Days on Market:

Sold properties had an average DOM of 138 days in September 2024, up from 125 days in August 2024, a month-over-month increase of 10.4%. Compared to September 2023, which had an average DOM of 120 days, this represents a year-over-year increase of 15%.

What Do They Mean?

Inventory Levels

The number of active listings saw a month-over-month decrease of 7.6% in September 2024, which could indicate a reduction in new sellers entering the market or more properties being sold or removed from listings. However, compared to September 2023, active listings are down by 12.7%. This suggests that inventory is tighter than it was a year ago in the Village of Oak Creek, possibly due to a combination of economic factors or market hesitancy.

The sharp month-over-month decrease in new listings (32.7%) aligns with this narrative of reduced seller activity. On a year-over-year basis, new listings have also decreased by 21.4%. For buyers, this decline in new listings means fewer options, potentially increasing competition for available properties. Sellers might benefit from the reduced competition, but only if they price competitively, especially given the larger inventory earlier in the year.

Sales Activity

September 2024 shows a significant drop in pending listings, down by 72.7% from August 2024 and by 66.7% from September 2023. This suggests a substantial decline in buyer activity, which could be driven by external factors such as rising interest rates, economic uncertainty, or buyer fatigue. Fewer pending listings indicate a slower market, and sellers in the Village of Oak Creek may need to adjust their expectations accordingly.

Sold listings also experienced a sharp drop in September 2024, falling by 55.6% compared to August 2024 and 45.5% compared to September 2023. This drop in closed transactions further confirms the slowdown in buyer demand. However, sellers can still attract attention by adjusting pricing or offering incentives, especially as competition among sellers diminishes with lower inventory.

Pricing Stability

Despite the decline in sales activity, pricing has remained relatively stable year-over-year. The average sale price decreased by only 0.7% compared to September 2023, while the median sale price fell by 0.8%. Month-over-month, however, the average sale price dropped by 14.6%, and the median sale price by 7.9%, suggesting that sellers are starting to reduce prices to attract buyers in a slower market.

While prices are holding steady compared to last year, the increasing days on market (138 days in September 2024, up from 125 days in August 2024) suggest that properties are sitting longer before selling. Sellers in the Village of Oak Creek should consider pricing strategically to avoid extended days on market, especially in a market where buyers are becoming more cautious.

Looking Ahead

Price Projections

With the continued reduction in new and pending listings, we might expect to see more price adjustments in the near future. The drop in buyer activity means sellers will likely need to reduce prices further to close deals, especially in the higher end of the market, where price reductions might be more pronounced.

However, the relatively stable year-over-year pricing indicates that demand, while softened, hasn’t collapsed. This suggests that prices may not fall drastically unless broader economic conditions deteriorate or inventory levels spike unexpectedly.

Economic Indicators

Interest rates, which have a strong influence on buyer behavior, will continue to be a critical factor in the months ahead. Any further increases in rates could reduce buyer demand even more, especially for properties priced over $1 million, which often rely on financing.

On the other hand, if interest rates stabilize or decrease, we could see a modest rebound in buyer activity, particularly for more affordable properties in the Village of Oak Creek, as buyers take advantage of improved borrowing conditions.

Seasonal Trends

As we move into the fall and winter months, market activity typically slows. The decline in new listings and sales in September 2024 may indicate that this seasonal trend is already underway. Buyers should prepare for fewer options as we enter the slower season, while sellers may want to act quickly before buyer activity declines further.

For buyers, this could be an opportunity to negotiate better deals, especially on properties that have been on the market for longer periods. Sellers, on the other hand, should consider adjusting their strategies to meet the changing seasonal dynamics and slowing demand.

What Type of Market Are We In?

Based on the current data, the Village of Oak Creek appears to be transitioning toward a buyer’s market. The significant drop in pending and sold listings, coupled with rising days on market and price reductions, gives buyers more negotiating power. While inventory levels are down, the lack of demand means that sellers will need to be more flexible to close deals.

For properties priced under $1 million, competition is still somewhat healthy, but for properties in the higher-end market, sellers may face more challenges as buyer interest continues to wane.

How Does This Affect You?

For Buyers

With fewer buyers actively competing in the market, this may be an excellent time to find a good deal, particularly on properties that have been listed for an extended period. The slowing market gives you more time to explore options, and there may be opportunities to negotiate price reductions or additional concessions from sellers. However, keep an eye on interest rates, as changes here could affect your purchasing power.

For Sellers

Sellers in the Village of Oak Creek need to be aware that while the market isn’t collapsing, buyer demand has slowed significantly. Pricing competitively is more important than ever, as overpricing could lead to extended days on market. If you’re looking to sell quickly, consider offering incentives, such as covering closing costs or providing repairs. Otherwise, expect homes to stay on the market longer than in previous years.

For Investors

Investors may find opportunities in the current market, especially on properties that have been on the market for a long time. With fewer buyers, there’s a chance to negotiate discounts. However, be cautious of broader economic conditions that could affect rental yields or future appreciation. Monitoring interest rates and local economic indicators will be key in determining the right time to make a move.

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’m here to help you navigate the Village of Oak Creek real estate market successfully.

For more information on how these numbers are affecting you or for a specific neighborhood analysis, contact me today for a free consultation!