Price Cuts Low Point in Morningside Real Estate Market

A five-week downturn in the number of homes sold was extended this week after the Morningside market had three transactions over the last 30 days. With 14 price reductions, the lowest amount since July, the market may be looking for a higher price point. As might be expected, as the number of sellers reducing price reached a new bottom, the median sales price continued to rise, trending upwards for four weeks to reach $69,900. Despite the lack of price reductions and the overall rising prices, there are still 33 months of inventory left to work through, meaning Morningside is still a definite buyer's market.

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Demographic facts for Morningside:

  • This area has a rating of 32 for the population growth. (Scale: 1 = Worst, 100 = Best)
  • The ratio for physicians is 261.4 for every 100,000 people.
  • This area has a health cost index score of 97.2. (100 = national average)
  • 80.8% of the residents travel to work in an automobile, 10.0% via carpool, and 3.8% by way of public transit.

Data reported through 10/19/2016


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