Sunday, May 19, 2024
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The Las Cruces market is showing signs of shifting as we step out of the first quarter of 2024 and make our way into the summer season.
The most notable statistic is a 46 percent increase in inventory compared to April 2023, which includes 23 percent in new listings compared to the prior year.
This increase in inventory will help increase options for those who had little to choose from in the first part of the year. Buyers entering the market will also see at least one price drop on average as prices start to come down from their peak in 2023.
Interest rates in April broke the 7 percent mark, causing some buyers to hold off on their home-buying plans. However, closings are still maintained at the same pace compared to 2023, with sellers still receiving 97.5 percent of their asking prices. Homebuyers are motivated and home sellers are also sharing the same motivation.
It's still a great time to be a Las Cruces homeowner.
