Market Monday: Belmont Real Estate Market Update for July 2024

Welcome to the Belmont real estate market update for July 2024! We want to provide a snapshot of Belmont’s key market indicators, including the number of sales, number of listings, median listing price, and median sale price. In this blog post, we will focus on the data for July 2024, so you can make informed decisions about buying, selling, or investing in Belmont real estate.

Number of Sales:
In July 2024, the Belmont real estate market saw a total of 16 sales, one less than the previous month but nine more than in July 2023. We expected sales to continue to slow, which is the seasonal norm. Inventory and new listings fell month over month, which is a good indicator that sales will decline in the coming months.

Number of Listings:
The total number of listings in Belmont for July 2024 was 26, also one less than the previous month but still 30% higher than last year. Much-needed new listings rose considerably in the first five months of 2024, which drove active inventory higher, before falling in June and July. We expect inventory to decline for the rest of the year.

Median Listing Price:
The median listing price for homes in Belmont in July was $2,100,000, a 12.5% decrease from the previous month and 16% decline from last year.

Median Sale Price:
For July 2024, the median sales price of homes rose 4.0% month over month in Belmont, reaching $2,685,000 — a record high. The median sale price is up 15.5% year over year. As you can see the median list price and median sale prices were still considerably different in July with a $585,000 difference.

Comparing the median sale price to the median listing price provides insight into the negotiation power of buyers and sellers in the current market. If the median sales price is consistently lower than the median listing price, it indicates that buyers generally have more room for negotiation. Conversely, if the median sales price is higher than the median listing price, sellers likely have more leverage in the negotiation process. The median sale price has been higher than list price for the past six months, highlighting demand in the area. Buyers are paying more than list price and the average seller received 109% of the list price in July.

As we wrap up our Belmont real estate market update for July 2024, remember by keeping an eye on these key indicators each month, you can make informed decisions about buying, selling, or investing in Belmont real estate.

If you have any questions about the current state of the market or need assistance with your real estate needs, please don't hesitate to contact our team. We're here to help you navigate the Belmont real estate market.