The year-over-year median home price increase from Q2 2023 to Q2 2024 highlights the resilience of the Devonshire real estate market, with prices up by 1% to $403,897. Despite higher inventory and sales volumes, the median $/SF has risen by 1% to $172.
The community real estate market is incredibly active, evidenced by a substantial 46% increase in the number of homes sold, reaching 95 homes this quarter. Of these, only 25 were resales, reflecting that Devonshire is a new community still under development. The average number of homes listed has also risen by 31% to 171, indicating builder and seller optimism in an active market.
To be precise, fewer very large homes (>3,000 sq. ft.) were sold, but the median size of houses actually increased by 5% compared to last year. This trend may be partly driven by elevated mortgage rates and builder offerings designed to mitigate affordability issues.
The median days on market have increased by 14 days, reaching 60 days, suggesting that homes are taking a bit longer to sell despite the higher sales volume. However, this increased inventory and slightly longer market time are not deterring buyers.
Looking ahead, if mortgage interest rates continue to fall, we expect further price appreciation and elevated sales volumes.