Spring has come early, not only with the weather but also in the housing market!
February witnessed a surge of listings compared to a year ago, with a 12% increase in new listings in Cumberland County and a whopping 70.9% increase in York County. The 70.9% increase equates to 83 more single-family homes being listed in February 2024 compared to February 2023. Historically, inventory does start increasing after January but doesn't peak until May or June. Additionally, the 200 new listings in February are just 6 shy of April 2023 for York County.
Cumberland County boasted a 12% increase, or 20 more single-family listings compared to February 2023.
While not as impressive, it is a good sign for buyers who have been plagued with low inventory for several years now.
Median Days on Market also saw an uncharacteristic jump in both counties. Cumberland County saw a 20-day increase from February 2023, and York County saw an 11-day increase in days on the market before a seller accepted a contract.This could be attributed to the increased inventory, but also sellers who see dollar signs but neglect to factor in the increased interest rates that have affected a lot of buyers' monthly payments.
Anecdotally, our team has been experiencing an increase in buyers reaching out, but also sellers who plan to list in the coming months. We will keep you updated as we head into spring!
