Belmont - Market Update | Veritas Homes

Welcome to the Belmont real estate market update for September 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 September 2024, so you can make informed decisions about buying, selling, or investing in Belmont real estate.

Number of Sales:
In September 2024, the Belmont real estate market saw a total of 24 sales, a 200% increase from the previous month and 140% higher compared to September 2023. Typically, sales slow this time of year but declining interest rates have made homes more affordable, causing a shift in the seasonal norm.

Number of Listings:
The total number of listings in Belmont for September 2024 was 18, which was five more than the previous month but still 22% lower than last year. Lower rates bring both buyers and sellers to the market so more inventory isn’t surprising in September. Higher inventory also translates into higher sales in areas with high demand like Belmont.

Median Listing Price:
The median listing price for homes in Belmont in September was $2,295,000, a 4% decrease from the previous month but up 9% from last year.

Median Sale Price:
For September 2024, the median sales price of homes increased 7% month over month to $2,403,000 in Belmont. The median sale price is 4% higher year over year. As you can see the median sale price exceeded the median list price in September with a 5% 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. Typically, the median sale price is higher than list price, which highlights the demand in the area. Declining rates are bringing buyers and sellers back to the market, and we are seeing sales and prices increase because there are more market participants.

As we wrap up our Belmont real estate market update for September 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.