December 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 4 homes available for buyers in South Berwick, compared to 501 active listings across York County.
- Market Trends: Home sales in South Berwick had dipped slightly compared to December 2023, but prices remain strong due to limited supply and sustained demand. The average sale price had increased, demonstrating the ongoing appeal of South Berwick’s community and homes.
- Interest Rates: Mortgage rates have continued to rise in December with the national average at 7.01%. In comparison, last month’s national average was 6.81%. However, rates are still significantly lower than they were a year ago, when the average stood at 7.28%.
As we transition into January, inventory levels typically see a temporary dip due to the expiration of many listings on December 31st. Expect to see some of these properties relisted in the coming weeks, often with new strategies or fresh marketing approaches
While rates had continued to rise in December, 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!
