The Devonshire real estate market experienced notable shifts in Q4 2024 compared to the same period in 2023. Several indicators highlight a dynamic landscape shaped by increased activity, evolving pricing, and market adjustments.
Home Prices and Size Metrics
The median home price in Devonshire rose slightly by 1%, reaching $390,000. However, the median price per square foot dropped by 5%, down to $167. This decline suggests buyers are getting more space for their investment, as the median interior square footage of homes sold increased by 6% to 2,476 square feet. The average home size also saw growth, rising 3% to 2,502 square feet. These changes point to buyers prioritizing larger homes despite relatively stable overall pricing.
Sales and Listings Surge
The number of homes sold saw a remarkable 46% increase year-over-year, climbing from 74 sales in Q4 2023 to 108 in Q4 2024. Meanwhile, new listings surged by 72%, with 93 homes listed during Q4 2024 compared to just 54 the year prior. This increased inventory likely contributed to the uptick in sales activity, as buyers had more options to choose from.
Market Dynamics
Median days on market increased substantially by 50%, from 78.5 days in Q4 2023 to 118 days in Q4 2024. This shift indicates homes are taking longer to sell, possibly reflecting the expanded inventory and more deliberate buyer decision-making.
In summary, the Devonshire real estate market in Q4 2024 showcased robust sales activity and growing home sizes, even as homes took longer to sell. With inventory levels rising, buyers and sellers alike are adapting to a more active and competitive market.