#United States #Santa Clara #Housing Market #Realtor.com #December Trends

December 2024 Housing Market Overview

The housing market in December 2024 showed promising developments, marking a 22.0% increase in homes actively available for sale compared to the same month last year, according to the latest reports by Realtor.com. This analysis covered major metropolitan areas across the United States, highlighting significant regional differences.

Key Findings

1. Inventory Growth: For the 14th consecutive month, the number of homes on the market continued to rise. Noteworthy cities included Miami, San Diego, and Denver, which recorded the highest increases in active listings, ranging from 41.9% to 45.4%.

2. Listing Changes: While overall inventory rose, the number of newly listed homes only saw a modest increase of 0.9% compared to December 2023, reflecting typical seasonal patterns as the holiday season approached.

3. Market Timing: Homes remained on the market longer, with the average time extending to 70 days. This represents an increase of 9 days from the previous December, marking the slowest December pace in five years.

Danielle Hale, Chief Economist at Realtor.com, noted that December is historically a quieter period for the market due to holiday activities. Nevertheless, the current increase in available inventory offers potential buyers chances to engage before the typical spring surge.

Pricing Trends

The median listing price slightly decreased by 1.8% year-over-year, settling at approximately $402,502. On a broader scale, however, prices remained significantly higher than pre-pandemic levels, with a 34.2% increase since December 2019. Additionally, the price per square foot showed a growth of 1.3% compared to last year, illustrating continued demand despite price fluctuations.

Regional Performance Snapshot

Among the 50 largest metro areas, the following cities showed notable performance:

• - Atlanta, Georgia: Listed at $399,950, reflecting a 3.6% decrease from the previous year.
• - Cleveland, Ohio: Notable for a 9.1% increase in median price to $239,950.

These trends illustrate the unique challenges of the current housing market, as sellers are still responding to a shifting landscape influenced by interest rates and seasonal factors. The overall affordability remains a critical concern, particularly for entry-level buyers, who may find it difficult to navigate a market with record high prices yet increasing inventory.

As we transition into 2025, the outlook for home buying appears cautiously optimistic. If prospective buyers strategically position themselves in this quieter winter market, they may uncover opportunities that could otherwise be missed during the bustling months of spring.

Summary

Ultimately, while December’s housing market is typically characterized by slower activity, the 2024 data suggests a unique situation with rising inventory and maintained price levels, presenting both challenges and favorable conditions for buyers. As the market continues to evolve, staying informed and adaptive will be essential for success in navigating these changing dynamics.