Millrise Real Estate Market Summary – January 2025

Market Trends by Property Type

1. Detached Homes

   • Sales: 5 homes sold (unchanged from last year).

   • Inventory: 8 homes available (up 60% year-over-year).

   • Benchmark Price: $593,200 (16% increase year-over-year).

2. Semi-Detached Homes

   • Sales: 0 homes sold (down 100% year-over-year).

   • Inventory: 0 homes available (100% decrease).

   • Benchmark Price: $553,300 (11% increase year-over-year).

3. Row/Townhouses

   • Sales: 1 home sold (N/A compared to last year).

   • Inventory: 0 homes available (100% decrease).

   • Benchmark Price: $403,700 (9% increase year-over-year).

4. Apartments

   • Sales: 4 units sold (up 300% year-over-year).

   • Inventory: 3 units available (down 40% year-over-year).

   • Benchmark Price: $328,600 (7% increase year-over-year).

Overall Market Performance

• Total Sales: 10 (up 43% year-over-year).

• New Listings: 11 (down 8% year-over-year).

• Total Inventory: 9 properties (up 29% year-over-year).

• Benchmark Price (All Property Types): $461,100 (10.1% increase year-over-year).

• Months of Supply: 0.90 months (indicating a seller’s market).

2025 Real Estate Outlook for Millrise

• Continued Price Growth: Benchmark prices have been rising across all property types, suggesting strong demand despite increasing inventory levels.

• Shift in Demand: Apartments are seeing significant growth in sales, likely due to affordability concerns as detached and semi-detached home prices increase.

• Tight Market Conditions: With less than one month of supply, Millrise remains a seller’s market, but rising inventory could gradually balance conditions.

• Potential Interest Rate Impact: If interest rates stabilize or decline, more buyers may enter the market, further supporting price increases and higher sales volume.

Overall, Millrise’s real estate market is poised for continued appreciation in 2025, with strong demand for apartments and detached homes driving market activity. Buyers should act quickly in this competitive landscape, while sellers may see favorable conditions persist.

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