Month-over-Month Changes

January 2024 witnessed remarkable shifts in Hillsborough’s real estate market compared to December 2023:

  • Homes Sold: There was a dramatic increase in sales, with 13 homes sold in January, a 333% rise from just 3 sales in the previous month.
  • Median Sale Price: The median sale price saw a significant uptick, increasing by 10% from $3,850,000 in December 2023 to $4,250,000 in January 2024.
  • Days on Market (DOM): The DOM for homes rose sharply to 32 days in January from 13 days in December 2023, indicating a slower pace of sales.
  • Percentage of List Price Received: Sellers received closer to their asking price, with the percentage increasing to 99% in January from 96% in December 2023.

Analysis:

The month-over-month data highlights a robust increase in sales volume and median sale prices, suggesting a resurgence in market activity. The rise in DOM indicates that while homes are selling for closer to their asking price, they are taking longer to sell.

Year-over-Year Comparison

Comparing January 2024 to January 2023, Hillsborough’s market has experienced notable changes:

  • Homes Sold: Sales increased significantly, with 13 homes sold in January 2024, up by 160% from January 2023.
  • Median Sale Price: There was a slight decrease in the median sale price, from $4.35M in January 2023 to $4.25M in January 2024.
  • Days on Market: The DOM remained stable at 32 days, consistent with January 2023.
  • Percentage of List Price Received: The percentage of list price received by sellers improved, from 96% in January 2023 to 99% in January 2024.
  • Months of Inventory: There was a decrease in months of inventory, from 2.8 in January 2023 to 2.2 in January 2024, indicating a tighter market.

Analysis:

Year-over-year trends reveal a significant increase in the number of homes sold, despite a slight dip in median sale prices. The market is becoming tighter, with homes selling faster and closer to their asking price, reflecting a competitive market environment.

Price Points and Quadrants

The January 2024 sales data, broken down by quadrants, provides insight into which segments of the market are most active:

  • Top Quadrant: 4 homes sold, Median Sale Price: $6,044,400, Median DOM: 30, Avg. $/Sq.Ft.: $1,724.
  • Second Quadrant: 3 homes sold, Median Sale Price: $4,350,000, Median DOM: 86, Avg. $/Sq.Ft.: $1,337.
  • Third Quadrant: 3 homes sold, Median Sale Price: $4,200,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,059.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $3,850,000, Median DOM: 42, Avg. $/Sq.Ft.: $994.

Analysis:

The distribution of sales across different price quadrants indicates a healthy market with activity at all levels. The top quadrant, with the highest median sale price, shows significant activity, suggesting strong demand for premium properties. The varied DOM across quadrants highlights the diverse dynamics at play within the market.

Conclusion

The Hillsborough real estate market in January 2024 demonstrated a vibrant and evolving landscape. With a significant month-over-month increase in sales and a robust year-over-year growth in the number of homes sold, the market is signaling strength and resilience. The detailed breakdown by quadrants reveals a balanced demand across different price points, with premium properties enjoying considerable attention. As we move forward, these insights will be invaluable for understanding the nuances of Hillsborough’s real estate market.

Data provided by MLS Listings and is deemed reliable but not guaranteed.