November 2024 South Berwick Real Estate Market Update
The South Berwick real estate market reflects a tight inventory environment, creating opportunities for sellers and challenges for buyers navigating the market.
- Active Listings: As of today, there are only 6 homes available for buyers in South Berwick, compared to 622 active listings across York County.
- Market Trends: Home sales in South Berwick have slowed compared to November 2023, but prices remain strong due to limited supply and sustained demand. The average sale price in town has stayed steady, demonstrating the ongoing appeal of South Berwick’s community and homes.
- Interest Rates: Mortgage rates have ticked up slightly this past month, now averaging 6.81% as of November 30th, compared to 6.72% on October 31st. However, they remain significantly lower than the 7.22% average seen a year ago, offering buyers some relief over last year’s rates.
In the broader York County market, more inventory means buyers have slightly more options county-wide, but South Berwick’s limited selection keeps it a competitive market for well-priced homes.
While rates have seen a modest rise this past month, their overall year-over-year improvement continues to make homeownership more accessible than it was last year. Sellers benefit from high demand and minimal competition in South Berwick, while buyers have an incentive to act before rates potentially rise further.
If you’re thinking of buying or selling, now is an excellent time to strategize for the market. Let’s connect to discuss how I can help you achieve your real estate goals!
Click here to see all past sold in multiple towns!
