What’s happening in the luxury market in Lewis County in June? How many new homes came on the market? How many homes were sold? And what about days on market? Find out below!
Defining Lewis County Luxury
The words Luxury and Lewis County are not usually synonymous with each other. In typical years, there are very few homes for sale 1MM+. However, with the increases in pricing, more and more homes are being listed and sold above that mark. Finally, what counts as a luxury home in one area is completely different in another area. According to the Institute for Luxury Home Marketing, the luxury threshold for Lewis County is $530,000. That does seem a bit low since our average is now over $400,000 and luxury is usually 2.5x the average. For our purposes, we used a base of $600,000 – otherwise, we’d not have much data!
Good news on inventory, in May we saw 16 new listings! That’s a 48% increase in inventory from just April to May! If you’re thinking 16 homes doesn’t sound like a lot, perspective is key here. From March to April luxury home inventory only increased by three units! While inventory is on the rise, we’re not out of the woods just yet. We’re still far below pre-pandemic inventory levels, and if interest rates drop before inventory sees a significant increase we might be back at square one. I gleaned some interesting information about this exact scenario from this article by Fortune!
Eight deals were closed in May, a 50% decrease from April. While this might not be exciting news to read if you’re a seller or a wildly successful listing agent, I can’t help but feel optimistic about this information! Inventory is the driving force behind the current market and with every month of fewer closed sales, we continue to gain inventory. I cannot stress this enough, inventory is key to returning to a market more favorable to buyers!
Days on Market
No change in days on market, we’re still seeing homes for 600K+ on the market for an average of 45 days, roughly 6-7 weeks. While it’s typical for luxury homes to spend more days on the market than your average Lewis County Home, as an agent that specializes in helping first-time home buyers I can’t help but feel optimistic about any news that favors buyers. If you’re a buyer looking for more good news, check out these summer market predictions!
Lewis County Luxury at a Glance