As we move through November, understanding Madera’s real estate market performance in October is crucial for homeowners, potential buyers, and sellers in Madera, California. Analyzing the latest trends in home prices, inventory, and market conditions provides valuable insights for informed decision-making.

Current Home Prices in Madera

What’s the Average Home Selling For in Madera?

Home prices in Madera have shown an upward trend. In October 2024, the median sold price was $430,750, while the median listing price was $476,000. These figures highlight Madera’s growing appeal as a desirable location. For sellers, this trend presents an opportunity to capitalize on favorable market conditions, while buyers should be prepared for competitive pricing.

Price Per Square Foot

Understanding Home Value by Square Foot

Evaluating home value by price per square foot offers a clear perspective on property costs. In October, the median price per square foot in Madera reached $247, marking a 3.8% increase from the previous year. This metric assists buyers in assessing the value of space and aids sellers in setting competitive prices.

Days on Market

How Long Are Homes Staying on the Market?

The average time homes spent on the market in Madera has increased. In October, homes were listed for an average of 63 days, a 145.4% rise compared to the same period last year. This extended duration may result from various factors, including seasonal shifts and evolving buyer activity. Sellers might need to implement strategies to make their properties more appealing, while buyers could find more room for negotiation.

Inventory and Sales Activity

More Homes on the Market in October

In October 2024, 277 homes were listed for sale in Madera, a 6.1% increase from September. This rise in inventory provides buyers with more options. Simultaneously, 55 homes were sold, indicating steady demand. For sellers, this means increased competition, and for buyers, it offers a broader selection without an oversaturated market.

Sales Price vs. List Price

Are Homes Selling Above or Below Asking Price?

In October, approximately 50.9% of homes in Madera sold below the asking price, while 24% sold at asking price, and 25% sold above asking price. This distribution suggests that while competition exists, buyers have opportunities to negotiate below the list price, and sellers should consider strategic pricing to attract optimal offers.

Price Trends by Home Type

Price Breakdown by Home Size: 1-Bedroom to 5+ Bedrooms

• 1-bedroom: $190,000 (down 14%)
• 2-bedroom: $275,000 (up 13.4%)
• 3-bedroom: $410,000 (up 3.8%)
• 4-bedroom: $505,000 (up 11.2%)
• 5+ bedroom: $489,000 (down 5.9%)

Market Conditions: Madera’s Seller’s Market

What Made October a Seller’s Market in Madera?

Despite a slight increase in listings, demand continued to outpace supply in Madera, designating it a seller’s market in October. For sellers, this environment likely led to competitive offers and quicker sales. Conversely, buyers faced a competitive landscape, necessitating preparedness and informed strategies.

Conclusion: What Does This Mean for Buyers and Sellers?

Looking Ahead in Madera’s Real Estate Market

As we conclude October and progress through November, Madera’s real estate market presents opportunities for both sellers and buyers. Sellers can benefit from favorable pricing trends, while buyers should consider strategies to find value in a market that remains slightly tilted toward sellers. Staying informed about these trends is essential for anyone looking to engage in Madera’s real estate market.

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