(Warminster, PA)– The Bucks County real estate market is closing out 2024 with some big shifts, offering opportunities for both buyers and sellers to navigate. November saw rising home prices but fewer new contracts being signed, signaling a market that’s evolving as we head into the new year.

What’s Happening with Prices?
The median price for homes sold in November was $500,000. That’s a 6.4% jump from October and a 13.4% increase compared to November 2023. If you’re a homeowner, that’s good news—your property value might be climbing.

How Quickly Are Homes Selling?
Homes spent an average of 25 days on the market in November, just one day longer than the five-year November average of 24 days. While that’s still relatively quick, it does give buyers a bit more breathing room compared to the fast-paced frenzy we’ve seen in previous years.

Fewer Contracts, Lower Inventory
One standout trend is the drop in buyer activity. New pending sales fell by 19.4% compared to October, and the total number of contracts (including carryovers) dropped by 11.1%. At the same time, the number of homes available for sale decreased by 12.5%, leaving just 682 active listings in the market.

A More Balanced Market?
The Contract Ratio—a measure of how many buyers are competing for each home—rose slightly to 1.04 in November from 1.03 in October. However, this is significantly lower than November 2023’s ratio of 1.16 and well below the five-year November average of 1.44. A lower ratio suggests we’re moving toward a more balanced market, giving buyers a bit more negotiating power while sellers still benefit from rising prices.

Insight from the Experts
Frank Blumenthal, President of the Bucks County Association of REALTORS® (BCAR), weighed in on the November trends:
"November’s numbers show a market that’s adjusting. While home prices remain strong, we’re seeing a gradual shift toward balance, which benefits everyone. Sellers are still in a good position, but buyers may find they have more options and time as we move into 2025."

What This Means for You

• For Sellers: Rising prices mean your home is likely gaining value. But with fewer buyers in the market, pricing competitively and preparing your home to stand out is more important than ever.
• For Buyers: While inventory is tighter, the slower pace allows you to make more thoughtful decisions. Work with a REALTOR® to find the right fit and negotiate effectively.

As we look to 2025, the Bucks County market is shaping up to be more balanced, offering opportunities for both sides. Stay informed, and let a trusted REALTOR® guide you through your next steps.

For more tips and updates on the Bucks County housing market, visit www.bucksrealtor.com.