June 2024 Real Estate Market Update
The Las Cruces real estate market experienced a notable increase in activity this June, reflecting a dynamic and competitive landscape. As of writing this, the market sits at over 700 active listings for the first time in years. A total of 156 homes were sold last month, marking an increase of 21 homes sold compared to May. This surge in sales indicates strong buyer interest and a thriving market.
Despite the increased sales volume, the average sold price saw a slight dip, coming in at $322,259. This is a decrease from May’s average of $337,920, suggesting that while more homes are being sold, they may be at slightly lower price points. This trend could be influenced by various factors, including a higher inventory of moderately priced homes or increased negotiations between buyers and sellers.
Homes in Las Cruces are also selling faster. The average days on market for a home dropped to 55 days, down from 62 days in May.
This reduction in market time suggests that homes are being snapped up more quickly, due to heightened demand.
Additionally, homes are selling for an average of 97% of their asking price, a strong indicator of market health. Sellers are able to achieve close to their listed prices, reflecting the competitive nature of the current market.
Overall, the June real estate market in Las Cruces shows a robust and active environment. The increase in home sales, coupled with quicker turnarounds and strong sale-to-list price ratios, suggests that both buyers and sellers are actively engaging in the market, maintaining its vitality and competitiveness.
Thank you for stopping by – I hope to hear from you soon!
Looking for listings? Look no further!: Listings by neighborhood