#United States #Housing Market #North Bethesda #Bright MLS #Home Sales

November 2024 Housing Market Report: A Surge in Sales Amidst Higher Prices

November 2024 has proven to be a dynamic month for the housing market across the Bright MLS service area, exhibiting a robust buyer presence even as mortgage rates soar and prices remain high. The report reveals a 5.7% increase in home sales compared to the previous year, marking the third consecutive month of year-over-year growth. This uptick in activity suggests that buyers are seizing opportunities before year-end, despite ongoing financial pressures.

Key Highlights of the November 2024 Report

• - Increased Sales: The total number of home sales rose to 15,901 in November, reflecting strong demand and intent among buyers.
• - Stable Prices: The median home price has remained steady at $410,000 over the past three months, indicating a 7.8% increase from November 2023.
• - New Listings Decrease: New listings entering the market fell by 5% from last year, suggesting that sellers may be hesitant to list their properties in a fluctuating market.

Buyers have shown strong interest in property purchases, driven in part by a mindset that views current rates—hovering in the mid-6% range—as an improvement from earlier highs near 7%. Dr. Lisa Sturtevant, Chief Economist at Bright MLS, notes, "There are buyers out there who have been waiting a long time to get into the market."

Interestingly, while buyer demand holds firm, the inventory of new listings has been waning. A significant drop of 28% in new listings was observed from October to November, contributing to the overall decrease in available homes. However, the total active listings available at the end of November surpassed last year’s figures, reaching 35,935, up 10.5%. This situation arises primarily because homes are taking longer to sell, with the average time on market climbing to 14 days—two days longer than in 2023.

Regional Insights on Market Activity

Mid-Atlantic Overview

Philadelphia

In the Philadelphia region, closed sales climbed 2.8% year-over-year, allowing year-to-date sales figures to slightly surpass those of 2023. Although new listings dipped by 5.5%, the continuing rise in home prices underscores the area's seller-driven dynamics, with the median price hitting $377,000—an increase of 6.2% from last November.

Baltimore

Baltimore's housing market continues its ascension, experiencing an 8.3% rise in closed sales year-over-year. As of November, pending sales also rose by 5.7%, reflecting a strong demand that drives prices higher, with a median price recorded at $399,945—a notable increase of 8.3% from the previous year.

Washington, D.C.

The Washington D.C. metro area posted a total of 45,860 closed sales in November, leading to year-to-date sales figures that surpass those of 2023. Despite maintaining a steady median sold price between October and November, the year-over-year growth reached 5.3%. Notably, certain counties are facing tighter inventory levels compared to last year, creating a competitive market environment.

Looking Ahead

As we transition into 2025, expectations are building for an upswing in market activity. A forecasted easing of mortgage rates can potentially invigorate both buyer and seller engagement. Elevated prices will present ongoing challenges, particularly for moderate-income buyers, yet high-income buyers and cash purchasers are projected to maintain their presence in the marketplace.

Moreover, as current homeowners reassess their housing needs, a spike in housing inventory may soon unfold, paving the way for a more active market.

In conclusion, the housing landscape as reported by Bright MLS indicates a complex interplay of buyer enthusiasm amidst challenging economic conditions. It remains crucial for stakeholders to adapt to these evolving dynamics as they navigate the remainder of the year and beyond.

For further insights, visit BrightMLS.com.