What does “sold” mean in real estate? – David Reecher
During a home search, it’s important to look at the number of recently sold homes, as well as their price per square foot, to get a sense of the type of inventory that have recently sold in the area where you’re looking. Doing a comparative market analysis of comparable homes that recently sold helps you determine fair market value.
Sold information is updated shortly after the listing agent changes the status in the MLS. This means you have the most current data about what’s selling in your local market. Knowing what’s selling is the first step to becoming an informed buyer or seller and gives you a sense of how to price an offer or a listing to sell.