Verona Area School District Real Estate Market Report
Q2 2024
As another school year comes to a close and summer heats up, we are going to take a look back at the recent history in the Verona Area School District (VASD). Known for its top-tier educational opportunities and community spirit, the City of Verona has more than doubled in size since 2000 (US Census Bureau). The city and surrounding communities that make up the VASD have become a desirable landing spot for residents of all ages. In this blog we will take a brief look back at a few real estate statistics from the last 5 years in the VASD (2020-2024).
A key takeaway from the recent decline in home sales is the affect that limited inventory has on prices. With demand still high, the low inventory of homes on the market in the VASD puts upward pressure on home prices.
As noted in the graph above. Home prices have continued to climb due to low inventory and increased demand. The median sold price in 2020 was $380k. As of 6/1, the median sold price in 2024 was just under $550k.
Continued high demand has produced a Seller’s market the last few years with 2024 being no different. Homes continue to sell above list price.
High demand means homes move quick. Over the last 5 years, homes in the VASD have accepted offers in under a week.
Having a real estate professional in your corner, with elite market expertise has never been more important. Especially in areas with elevated competition and low inventory.
Data provided by the SCWMLS as of 6/1/24
Many prospective home buyers are looking to new construction as an option to get around the bidding wars on existing homes. Check out our previous blog on new construction for the pros, cons, and items to consider when contemplating a new build.
Below are a few projects in the VASD that are underway as we speak.
Helping buyers navigate the current markets what we are here for. Contact us at the link below and we will follow up to help answer all your questions and steer you towards your goals.
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Want to search current, available properties for sale in the VASD? CLICK HERE