Plainfield Home Statistics August 2020
Home Prices are Up (vs August 2019)
Average Sales Price - $295,657 (+7.4% )
Median Sales Price - $265,000 (+6%)
Home prices are poised to keep rising as interest rates remain near historic lows. Buyer demand doesn't seem to be impacted by employment numbers.
Inventory is Down
Homes for Sale - 222 (-58.7%)
Closed Sales - 246 (+36.7%)
There's intense competition from buyers as sales are up while the number of homes for sale is down.
Market Time is Shorter (mostly)
Average Market Time - 69 days (+64%)
Median Market Time - 11 days (-42.1%)
50% of sellers sell in less than 11 days while 50% sell in more. The market average appears to be up due to a few long lasting listings.
It's A Seller's Market
Months Supply of Inventory - 1.4 (-63.2%)
Current inventory is low! A balanced market would have between 4 and 5 months supply of inventory and Plainfield currently is under 1 1/2 months.