Merrick Market Update June 2024

Today, I have a market update for all you buyers and sellers out there in Merrick, for  June 2024.

Starting with Inventory…Right now, we’ve got a slim 1.93 Month’s Supply of Inventory in Merrick. This is known as the absorption rate. The absorption rate is how long will it take for the market to run out of homes if no new inventory came onto the market. With 1.93 months of supply, that’s a decrease of nearly 43% from this time last year. What does that mean for you? Well, it means there’s not a whole lot of homes on the market, so if you’re thinking of selling, now might be the perfect time to cash in on that unused equity.

There was a total of 16 homes that sold for June 2024. Did you know that the List to Sold Price percentage is at a 102.3%? That means homes are selling for over asking price on average. Sellers, this is your chance to maximize your profits.

For all you eager buyers out there, you better act fast because the median days on market is just 16 days. That’s right, homes are flying off the market quick with no signs of slowing down. Don’t wait around or you might miss out on your dream home.

Last but not least, sold pricing. The median sold price in Merrick is $817,500; that’s a healthy number that shows the strength of the market in our area.

Curious to see which homes sold for the least and most money for June 2024?

Check out my Youtube video here: Merrick Market Update June 2024

Remember…Whether you’re looking to buy or sell please reach out. I’ll be happy to help!