The March 2024 Housing Market Update: Demand Surges as Prices Rise
Thu 21 Mar 2024
As we head towards the end of March 2024, the housing market is showing some interesting trends, especially in terms of prices and demand. Recent data from #Dataloft Poll of Subscribers and Rightmove reveals that property prices are on the rise, and there's a lot of interest from buyers in Epsom!
Prices Going Up
The average price of properties being put up for sale has gone up by 1.5% compared to what it usually does in an average March. On average, properties are now being listed for £368,118, which is £5,279 more. This is the third month in a row that prices have gone up, and it's the biggest increase we've seen in 10 months, which is a great sign for the Epsom property market.
Why Are Prices Going Up?
One big reason for the house prices going up in Epsom is that there are a lot of people looking to buy houses right now. In fact, according to our data, there are at least three or more potential buyers for every property available, with enquiries for all properties increasing. This high demand is making sellers feel confident about asking for a higher sale price.
Good News for Buyers
Even though prices are going up in Epsom, Stoneleigh, Worcester Park and the surrounding areas, they're still not as high as they were in May 2023. On average, house prices in Surrey are still about £4,776 lower than they were at that peak. This means that buyers might see this as a good time to make a move and buy a property before prices go up even more.
Why Realistic Prices Matter
It's important for sellers to set realistic prices for their properties. If they ask for too much, it might turn off potential buyers and make it harder to sell. Even though demand is high right now, sellers still need to be smart about how they price their homes to attract buyers. This is when a local, reliable agent is more important than ever to guide you through the home selling process.
What's Next?
As we move further into 2024, it'll be interesting to see what happens in the housing market. Will prices keep going up, or will things start to slow down? Only time will tell. But for now, buyers and sellers should keep an eye on what's happening and be ready to adapt to any changes that come their way.
If you would like any further advice, please don't hesitate to reach out. Our team are more than happy to help.