The real estate market in Conway (which includes North Conway) has seen significant changes over the past year. Here is a look into the statistics comparing the first seven months of 2023 and 2024, focusing on single-family homes.
January 1, 2023 - July 31, 2023
During the first seven months of 2023, 73 homes were listed with a median list price of $474,900. The market was quite active, with 49 homes sold in this period. The homes that sold had a median days on market (DOM) of just 7 days, indicating a fast-moving market. The median selling price was $427,000.
January 1, 2024 - July 31, 2024
Fast forward to 2024, the market activity has ramped up. There were 114 single-family homes listed, a significant increase compared to the previous year (56%). The median list price also saw a rise, reaching $499,900. There were 62 sales during this period (an increase of 26%), reflecting a growing demand in the area. However, the median DOM for sold homes increased to 10 days, suggesting a slightly slower pace than last year. The median selling price jumped to $460,000, indicating a stronger sellers' market. I have seen a significant increase in the number of price changes in single family home listings so while homes are selling very close to their asking prices, they aren’t necessarily selling close to their initial asking prices.
Current Market Overview
As of now, there are 34 active single-family homes on the market. The median asking price for these homes is $555,000, a noticeable increase from earlier in the year. The median DOM for these listings is 35 days, reflecting a potential cooling off or a shift in market dynamics.
Analysis and Insights
The comparison between these two periods reveals a few key trends:
- Increased Listings and Sales: The number of homes listed and sold has increased, showing a growing interest in the Conway and North Conway areas. The number of listings has increased 56% while the number of sold homes has gone up 26% so there is some more inventory that is sitting on the market. Our inventory was so low, even with inventory climbing we are still not at a balanced market.
- Rising Prices: Both the median list and selling prices have gone up. This suggests a competitive market where demand is keeping pace with, if not outstripping, supply. The increase in median asking prices for currently active listings also indicates that sellers are optimistic about the market's direction.
- Longer Days on Market: The slight increase in DOM for sold homes and the more noticeable increase for active listings suggest that homes are taking longer to sell compared to last year. This could be due to a higher volume of listings or buyers being more selective.
Overall, the Conway and North Conway real estate market is showing signs of growth and dynamism. While prices are rising, the increased number of listings and slightly longer DOM suggest a market in transition. For buyers and sellers, staying informed and working with knowledgeable real estate professionals will be key to navigating these changes.
Whether you're looking to buy, sell, or invest, understanding these market trends can help you make more informed decisions. As always, we're here to help you every step of the way in your real estate journey.