As we wrap up an eventful year, we want to share a quick recap of how the 2024 housing market performed—and what that means for you, our amazing clients and supporters. Let’s dive into some key trends that have shaped the market and what that could mean for your real estate goals.

Inventory Levels: Still a Seller’s Market

Throughout 2024, inventory levels remained tight, making it a strong seller’s market. Homes were in high demand with only about 2-2.3 months of available inventory—far below the balanced market of 4-6 months. While we saw slight increases in listings toward the end of the year, demand continues to outpace supply. The market is still very much in favor of sellers!

Home Prices: Continuing Steady Growth

Home prices saw a steady increase in 2024, up by 3.4% through October. This is great news for sellers, proving that despite some market fluctuations, demand remains strong. The resilience of home prices shows how much buyers still want to find their perfect home.

Mortgage Rates: Challenges and Opportunities

Mortgage rates remained between 6.5%-7.25%, presenting some challenges for buyers. While higher rates slowed down some buyers, those who took the plunge found ways to adapt and make it work. If you’ve been thinking about buying, now is still a great time to start the process—there are plenty of opportunities!

Buyer & Seller Behavior: Adapting Together

As buyers grew more cautious due to higher rates, sellers made sure to focus on pricing and presentation, keeping their homes competitive in the market. Although average days on market increased slightly to 45 days, the demand is still there. We’re seeing home prices increase by 4% by year-end, thanks to those committed buyers who are still jumping into the market.

What’s Next for 2025?

The housing market in 2024 has been resilient, even with some challenges like limited inventory and affordability concerns. As we look ahead to 2025, we’re confident that the demand for homeownership will remain strong. Whether you’re buying or selling, having the right support is key to navigating the market and achieving your goals.

If you’re ready to make a move in 2025, we’re here to help! Let’s connect, and together we’ll continue to build on this success and work toward your real estate dreams.