September 2024
MARTIN COUNTY MARKET UPDATE
The Martin County real estate market showed a mix of changes for September 2024, with single-family homes and townhouse/condo sectors experiencing shifts in sales, prices, and inventory. This market update provides an overview of the latest trends, helping buyers, sellers, and investors stay informed.
Martin County Single Family Home
In September 2024, the single-family home sector in Martin County showed a notable increase in activity:
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Closed Sales reached 155, up 7.6% from last year, signaling sustained buyer interest despite broader economic conditions.
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The Median Sales Price rose to $600,000, up 3.9% from September 2023, suggesting continued demand for higher-priced homes.
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Active Inventory saw a substantial rise, up 61% to 742 homes, indicating more options for buyers and a less competitive market.
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The Months Supply of Inventory increased from 2.9 months a year ago to 4.6 months, reflecting a more balanced market where supply better meets demand.
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On the flip side, New Listings fell by 6.8% to 191, which could signal seller hesitation in listing homes at the moment.
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New Pending Sales dropped significantly by 24%, totaling 125, suggesting slower market activity in terms of new agreements.
Martin County Townhouses and Condos
The townhouse/condo market in Martin County saw a mix of declines and increases during September 2024:
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Closed Sales decreased by 18% to 58, indicating a cooling in demand compared to last year.
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The Median Sales Price rose by 5.3%, reaching $300,000, suggesting strong demand for mid-range properties.
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Active Inventory jumped 65% to 552 units, providing more choices for buyers.
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The Months Supply of Inventory increased from 3.8 months last year to 6.9 months, which suggests a shift towards a buyer’s market.
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New Listings fell by 9.8% to 119, showing reduced seller activity.
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However, New Pending Sales increased by 8.7%, totaling 75, indicating some sustained buyer interest.
The September 2024 Martin County real estate market shows signs of stabilization. Both single-family homes and townhouse/condo sectors are experiencing increased inventory and longer months of supply, while closed sales are down for townhouses/condos but up for single-family homes. Buyers may find more options available, while sellers might need to adjust pricing strategies to accommodate changing market conditions.
