December Continues Momentum, Marking Eighth Month of 2024 to Surpass 2023 Sales
DENVER, Jan. 16, 2025 /PRNewswire/ -- December became the eighth month of 2024 to top 2023, with home sales up 13.3% over December 2023 and 4.4% above November 2024. The number of homes for sale in the 52 metro markets surveyed remained 22.0% higher year over year but dropped 12.4% from November, reflecting seasonal trends. Additionally, new listings rose 7.5% year over year after a 24.9% drop from November, in contrast to declines in the past two Decembers.
With a median sales price of $427,000, December homes remained $25,000 (6.2%) more than December 2023's $402,000 but cost about $3,000 (-0.6%) less than in November. Homes also took a week longer to sell in December 2024 compared to December 2023 and November.
"Overall, 2024 showed some modest improvements in housing inventory," said RE/MAX Holdings, Inc. CEO Erik Carlson. "Affordability remains a challenge for many buyers, but demand persists as people continue to see the value of homeownership. Buyers should stay informed and act when the time is right for them."
The Denver, Colorado market nearly doubled the national average for year-over-year home sales, increasing 26.5%. Christine Dupont-Patz, broker/co-owner of RE/MAX Cherry Creek in Denver, said buyers monitored the market and prepared strategically.
"While winter is typically a slower time of year for Denver real estate, savvy buyers were out with the increased inventory, trying to get ahead of the spring buying season. Closings were up over 25% from December 2023, which could be a positive sign for the new year. With interest rates holding steady, buyers negotiated for more concessions and buy-downs to get into their dream homes."
Other metrics of note:
- Buyers paid 98% of the asking price in December - the same as December 2023 and 1% less than November.
- Days on Market jumped to 54 days, a full week longer compared to one year and one month ago.
- Months' Supply of Inventory was 3.0, up from 2.5 months one year ago, but the same as November.
Highlights and local market results for December include:
New Listings
In the 52 metro areas surveyed in December 2024, the number of newly listed homes was up 7.5% compared to December 2023, and down 24.9% compared to November 2024. The markets with the biggest increase in year-over-year new listings percentage were Burlington, VT at +32.1%, Manchester, NH at +30.6%, and Las Vegas, NV at +30.2%. The markets with the biggest year-over-year decrease in new listings percentage were St. Louis, MO at -13.7%, Bozeman, MT at -12.6%, and Cleveland, OH at -10.4%.
New Listings: | |||
Market | Dec 2024 | Dec 2023 | Year-over-Year % |
Burlington, VT | 107 | 81 | +32.1 % |
Manchester, NH | 192 | 147 | +30.6 % |
Las Vegas, NV | 2,679 | 2,057 | +30.2 % |
Honolulu, HI | 691 | 541 | +27.7 % |
Fayetteville, AR | 802 | 635 | +26.3 % |
Closed Transactions
Of the 52 metro areas surveyed in December 2024, the overall number of home sales was up 13.3% compared to December 2023, and up 4.4% compared to November 2024. The markets with the biggest increase in year-over-year sales percentages were Fayetteville, AR at +29.0%, Denver, CO at +26.5%, and Seattle, WA at +24.2%. The markets with the biggest decrease in year-over-year sales percentage were Manchester, NH at -13.8%, Hartford, CT at -2.0%, and Miami, FL at -0.5%.
Closed Transactions: | |||
Market | Dec 2024 | Dec 2023 | Year-over-Year % |
Fayetteville, AR | 913 | 708 | +29.0 % |
Denver, CO | 3,149 | 2,489 | +26.5 % |
Seattle, WA | 3,186 | 2,566 | +24.2 % |
San Diego, CA | 1,809 | 1,458 | +24.1 % |
Providence, RI | 1,174 | 949 | +23.7 % |
Median Sales Price - Median of 52 metro area prices
In December 2024, the median of all 52 metro area sales prices was $427,000, up 6.2% from December 2023, and down 0.6% compared to November 2024. The markets with the biggest year-over-year increase in median sales price were Dover, DE at +13.3%, Cleveland, OH at +13.1%, and Trenton, NJ and Detroit, MI tied at +11.1%. There was only one market that experienced a year-over-year decrease in median sales price: Bozeman, MT at -5.4%.
Median Sales Price: | |||
Market | Dec 2024 | Dec 2023 | Year-over-Year % Change |
Dover, DE | $350,000 | $309,000 | +13.3 % |
Cleveland, OH | $236,875 | $209,450 | +13.1 % |
Trenton, NJ | $450,000 | $405,000 | +11.1 % |
Detroit, MI | $261,000 | $235,000 | +11.1 % |
Chicago, IL | $330,000 | $300,000 | +10.0 % |
Close-to-List Price Ratio - Average of 52 metro area prices
In December 2024, the average close-to-list price ratio of all 52 metro areas in the report was 98%, tied with December 2023, and down compared to 99% in November 2024. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it's less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were Miami, FL at 93.5%, New Orleans, LA at 96.1%, and Tampa, FL at 96.6%. The metro areas with the highest close-to-list price ratios were Hartford, CT at 102.1%, San Francisco, CA at 101.5% and Trenton, NJ at 100.7%.
Close-to-List Price Ratio: | |||
Market | Dec 2024 | Dec 2023 | Year-over-Year |
Miami, FL | 93.5 % | 94.7 % | -1.2 pp |
New Orleans, LA | 96.1 % | 95.9 % | +0.2 pp |
Tampa, FL | 96.6 % | 97.0 % | -0.4 pp |
Houston, TX | 96.8 % | 97.0 % | -0.2 pp |
Pittsburgh, PA | 96.8 % | 97.0 % | -0.1 pp |
*Difference displayed as change in percentage points | |||
Days on Market - Average of 52 metro areas
The average days on market for homes sold in December 2024 was 54, up seven days compared to the average in both December 2023 and November 2024. The metro areas with the highest days on market averages were Bozeman, MT at 113, Coeur d'Alene, ID at 90, and San Antonio, TX at 86. The lowest days on market were Baltimore, MD at 19, Philadelphia, PA and Washington, D.C. tied at 23, and Trenton, NJ at 26. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
Days on Market: | |||
Market | Dec 2024 | Dec 2023 | Year-over-Year % |
Bozeman, MT | 113 | 65 | +73.2 % |
Coeur d'Alene, ID | 90 | 94 | -4.3 % |
San Antonio, TX | 86 | 75 | +15.1 % |
Fayetteville, AR | 83 | 81 | +2.5 % |
Des Moines, IA | 82 | 77 | +6.1 % |
Months' Supply of Inventory - Average of 52 metro areas
The number of homes for sale in December 2024 was up 22.0% from December 2023, and down 12.4% from November 2024. Based on the rate of home sales in December 2024, the months' supply of inventory was 3.0, up from 2.5 from December 2023, and flat compared to November 2024. In December 2024, the markets with the lowest months' supply of inventory were Seattle, WA at 1.0, Washington, D.C. at 1.1 and Trenton, NJ, Baltimore, MD, and Manchester, NH tied at 1.2. The markets with the highest months' supply of inventory were Miami, FL at 7.2, San Antonio, TX at 6.3, and Honolulu, HI at 5.8.
Months' Supply of Inventory: | |||
Market | Dec 2024 | Dec 2023 | Year-over-Year % |
Seattle, WA | 1.0 | 0.9 | +15.6 % |
Washington, DC | 1.1 | 1.1 | +3.2 % |
Trenton, NJ | 1.2 | 0.7 | +57.0 % |
Baltimore, MD | 1.2 | 1.2 | +2.7 % |
Manchester, NH | 1.2 | 1.1 | +14.4 % |
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in nearly 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com.
Report Details
The RE/MAX National Housing Report is distributed monthly on or about the 15th. The Report is based on MLS data for the stated month in 52 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, most of the largest metro areas in the country are represented, and an attempt is made to include at least one metro area in almost every state. Metro areas are defined by the Core Based Statistical Areas (CBSAs) established by the U.S. Office of Management and Budget.
Definitions
Closed Transactions are the total number of closed residential transactions during the given month. Months' Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pending listings) during the month. Where "pending" data is unavailable, an inferred pending status is calculated using closed transactions. Days on Market is the average number of days that pass from the time a property is listed until the property goes under contract. Median Sales Price for a metro area is the median sales price for closed transactions in that metro area. The nationwide Median Sales Price is calculated at the nationwide aggregate level using all sale prices from the included metro areas. The Close-to-List Price Ratio is the average value of the sales price divided by the list price for each closed transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. While MLS data is believed to be reliable, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month, the previous period's data is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.
SOURCE RE/MAX, LLC
