Jamestown Real Estate Market Trends
The real estate market in Jamestown has experienced a notable uptrend in recent months, as highlighted by key figures and movements within the housing sphere. Here's a comprehensive overview:
Market Dynamics
- Median Sale Price: Last month, the median sale price of a Jamestown home reached $1.1M, a striking increase of 23.2% when compared to the previous year.
- Price Per Square Foot: Jamestown has seen a significant surge in the price per square foot, now standing at $671, marking an escalation of 60.5% year-over-year.
- Sale Duration: Homes in Jamestown typically remain on the market for about 42 days before being sold, a decrease from 50 days in the preceding year.
- Homes Sold: In July 2023, a total of 7 homes found new owners, slightly up from 6 sales in July of the previous year.
Competition in the Market
The Jamestown housing scene is moderately competitive, with some pertinent observations:
- Average Sale Time: Homes in Jamestown generally sell in approximately 53 days.
- Bidding: Some properties receive multiple offers, indicating a demand exceeding supply for certain listings.
- Price Negotiations: On average, homes are sold for about 2% below the asking price.
- Fast-Selling Homes: The most sought-after listings, termed as "hot homes", can fetch around 1% above their listing price and go under contract in just about 27 days.
Migration & Relocation Trends in Jamestown
The inflow and outflow of residents can greatly impact the dynamics of a housing market. Here's how Jamestown has fared:
- Moving Out of Jamestown: Between May and July 2023, 21% of Jamestown's homebuyers considered relocating outside of the metro, suggesting a minority eyeing opportunities elsewhere.
- Staying Put: In contrast, a whopping 79% of Jamestown residents looked to buy within the Jamestown metropolitan area itself.
- New Faces in Town: Nationally, 3% of homebuyers were interested in relocating to Jamestown from other metropolitan regions. The top metros eyeing a move to Jamestown include Hartford, followed closely by New York and Springfield.
- Leaving Jamestown: When considering outbound relocation, Portland emerged as the leading destination choice for Jamestown residents, with Lebanon and Miami trailing behind.
The Jamestown real estate market has been active and shows signs of healthy competition. While the majority seem content to stay within the metropolitan area, there's a noteworthy interest from regions like Hartford and New York. As with any market, only time will tell if these trends will persist, but for now, Jamestown remains a location of keen interest for many.
