December 2024 Local Market Update for Walworth County | Kim & Joel Reyenga, eXp Realty"

December 2024 Local Market Update for Walworth County

The Walworth County real estate market experienced significant changes in December 2024, reflecting robust activity and notable trends in key cities such as Delavan, Lake Geneva, and Williams Bay. The latest data from Metro MLS highlights the dynamic nature of the market. Kim and Joel Reyenga at eXp Realty are here to provide expert insights to help you navigate these developments. Here are the key highlights:

1. New Listings

December 2024 saw a substantial increase in new listings:

• Month-over-Month: A 42.1% rise from December 2023 to December 2024, increasing from 19 to 27 listings.

• Year-to-Date: A 15.7% growth, with listings climbing from 530 to 613.

This growth indicates greater inventory availability, creating more opportunities for buyers.

2. Closed Sales

The number of closed sales held steady:

• Month-over-Month: No change from December 2023 to December 2024, remaining at 27 sales.

• Year-to-Date: An 11.4% increase, rising from 368 to 410 closed sales.

Consistent sales reflect ongoing demand and steady market activity.

3. Median Sales Price

Home values continued to rise, showcasing strong demand:

• Month-over-Month: A 14.3% increase in the median sales price, from $350,000 to $399,900.

• Year-to-Date: A 9.8% rise, with the median sales price climbing from $335,000 to $367,950.

Sellers continue to benefit from higher property values.

4. Percent of Original List Price Received

Sellers are receiving strong offers:

• Month-over-Month: A slight increase of 1.0%, reaching 96.2% in December 2024.

• Year-to-Date: A small decrease of 0.6%, maintaining a robust 96.2% of the original list price received.

5. Days on Market Until Sale

Homes sold faster in December 2024:

• Month-over-Month: A 43.7% drop in average days on market, from 71 days in December 2023 to 40 days.

• Year-to-Date: An increase of 17.8%, from 45 to 53 days.

The reduced days on market in December indicates heightened buyer activity and competition.

6. Inventory Trends

Inventory levels saw notable growth:

• Single-Family Residences: A 12.2% increase, from 82 to 92 homes.

• Townhouses/Condos: A significant 64.0% rise, from 25 to 41 units.

The increased inventory provides more options for buyers while signaling a competitive environment for sellers.

What These Trends Mean for Buyers and Sellers

These trends reveal a dynamic real estate market in Walworth County:

• For Buyers: Increased inventory and faster sales mean acting quickly is essential. Partnering with local experts like Kim and Joel Reyenga ensures you’ll find the right home at the right price.

• For Sellers: Rising home values and strong list price retention offer excellent opportunities to maximize your property’s value.

Why Work with Kim and Joel Reyenga at eXp Realty?

Kim and Joel Reyenga bring unparalleled expertise to the Walworth County real estate market. Their in-depth knowledge of local trends and personalized approach ensures you’ll navigate the market with confidence, whether buying or selling.

Final Thoughts:

The December 2024 market trends highlight a vibrant and competitive real estate environment in Walworth County. Staying informed and working with experienced professionals like Kim and Joel Reyenga is the key to success.

Ready to Make Your Move?

Contact Kim and Joel Reyenga at eXp Realty today to discuss your real estate goals and make the most of these market opportunities.