Market Update

What are the latest numbers on the housing market as we move into the final

months of 2024 and what are the experts saying as we near 2025?

Let’s break it down and recap the latest statistics. According to the National Association of Realtors, Nationally we have seen an uptick in inventory, which started in the summer and has moved into the Fall. This has caused the market to have a small shift creating a more balanced market between buyers and sellers.

On a National level, the median sales price is $439,455 which is up 4% from this time last year. We are also seeing listings up 3% from last year indicating homeowners that are in a position to sell are listing their homes despite having a lower mortgage rate. Our average month of inventory supply is 3.6, meaning the market is considered balanced for both buyers and sellers with close to 4 months of inventory on hand. On a National level, we are seeing average days on market at about 35 days for sellers. This is up from this time last year where average days on market were about 25-30 days.

  Pending sales are down 5% from this time last year which is the biggest decline since November 2023. This is probably due to buyers waiting until the end of this year to see if rates would come down and we should see this number improve.

Let's now look ahead to 2025. Will we see more of the same statistics as this year? Mortgage rates are projected to come down some more due to the easing of inflation and signs of a slowing economy. We should see an increase in both supply and demand with total home sales to climb slightly to about 5.4 million projected homes sales. This is up from the 4.5 million homes expected to be sold in 2024. We will see more buyers get back into the market after being sidelined creating a little bit of pressure on pricing with experts predicting home prices to rise about 2.6% next year.

  So as we move towards 2025 it is important to know what is happening in your local area as all regions are different. Understanding the 2025 housing forecasts can help you plan your next move.

Please reach out to me so I  can give you an in-depth analysis on inventory, pricing and mortgage rates.