As we move into the final months of the year, the real estate market continues to show dynamic changes. Our latest Market Summary provides a detailed look at the latest trends and statistics that could impact your buying or selling decisions.
Highlights from the October 2024 National Market Insights Report:
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Sales Surge: U.S. existing-home sales rose by 5.5% from September and 5% compared to October 2023, indicating a robust market recovery.
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Price Increases: The median sales price for single-family homes increased by 4.1%, while condos and co-ops saw a 1.6% rise year-over-year.
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Inventory Trends: Listings for sale have increased slightly from September and surged 19% from last year, marking the highest inventory levels in four years, though still below pre-pandemic norms.
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Market Dynamics: While 59% of sales went into contract in less than a month, fewer homes sold over list price compared to last year. The median days-on-market has extended to 29 days.
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Economic Indicators: Mortgage rates are slightly below 7%, with stock markets near historic highs and consumer confidence at a six-month peak. These factors may influence different market segments uniquely.
December typically sees a slowdown in new listings and sales, but opportunities remain for buyers to negotiate on properties with longer market durations. Understanding these trends can help you make informed decisions.
November 2024 National Real Estate Insights Report
Curious about how these trends may impact your next move? We're here to help! Reach out to explore what these insights mean for you. Let’s navigate this ever-changing market together!
