Wellington - Your Suburb Reports June 2024

Jul 17, 2024

1 min read

240

Market Shifts and Surprises

In June 2024, Wellington's real estate market displayed a mix of trends as the median price saw a 2.0% increase year-on-year, reaching $780,000. Despite this price growth, the average sales count experienced a notable decline of 21.5%, dropping from 605 to 475 compared to the previous year.

What’s fascinating is the slight decrease in median days-to-sell, down by 2 days from 51 to 49 days year-on-year.

The market also saw a significant increase in average inventory, up by 49.8% from 1,184 to 1,773 year-on-year, and weeks of inventory rose by 50%, from 10 to 15 weeks. The current median days to sell of 49 days is above the 10-year June average of 39 days, reflecting a slightly longer time on the market. Additionally, average listings surged by 50.3% year-on-year, increasing from 354 to 532 listings.