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Clare County Residential Market Trends - November 2024

 

Harrison, MI Real Estate Market Insights with Cummings Realty

As a real estate professional in Harrison, MI, it’s essential to analyze market metrics to provide buyers and sellers with accurate insights. Understanding the trends behind the numbers can help clients make informed decisions, whether they’re buying their dream home, selling a property, or investing in the market.

Let’s break down some key indicators shaping the Harrison real estate market and what they mean for you:

Current Market Conditions

  1. Months Supply of Inventory: 3.55
    This metric measures how long it would take to sell all the homes currently on the market at the current pace of sales. A lower inventory often indicates a seller's market with strong demand, while higher inventory trends toward a buyer's market. At 3.55 months, Harrison’s market suggests high activity, favoring sellers, but this may be shifting.

  2. 12-Month Change in Inventory: +38.13%
    The significant increase in the Months Supply of Inventory indicates that the market is starting to balance or potentially move into a buyer’s market. With more homes available, buyers have more options, which could lead to softer prices and better negotiating opportunities.

  3. Median Days on Market: 65
    Homes in Harrison are selling relatively quickly, with a median of 65 days on the market. This suggests that demand is still strong, but the increasing inventory might slow down the speed of transactions in the coming months.

  4. List-to-Sold Price Ratio: 93%
    Sellers are receiving 93% of their asking price on average, indicating that pricing is competitive but not overly aggressive. For buyers, this means there is some room for negotiation, while sellers should consider strategic pricing to attract offers closer to their list price.

  5. Median Sold Price: $145,000
    The median sold price reflects the midpoint of home sales, making it a valuable indicator for market affordability. At $145,000, Harrison remains an attractive option for buyers seeking affordability compared to many other regions in Michigan.

What This Means for Buyers and Sellers

  • For Buyers:
    The increasing inventory means more choices, and buyers may gain leverage in negotiations. However, the relatively quick sale times and high list-to-sold price ratios suggest acting decisively when you find the right property. Working with a local expert like Cummings Realty ensures you stay informed on the best deals in a shifting market.

  • For Sellers:
    With demand still strong, this is a favorable time to list your home. Setting the right price is crucial, as buyers now have more options. Partnering with Cummings Realty can help you maximize your property’s potential and attract serious offers.

Navigating Harrison’s Evolving Market with Cummings Realty

Market metrics like these illustrate the delicate balance between supply, demand, and pricing. Whether you’re buying, selling, or exploring investment opportunities in Harrison, MI, having a knowledgeable guide is essential. At Cummings Realty, we take pride in helping our clients interpret these trends and make decisions with confidence.

Take the Next Step

Curious about how the current market affects your goals? Contact Cummings Realty today. Our team is ready to provide tailored advice and unmatched local expertise to help you achieve success in Harrison’s real estate market.










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