#USA #Denver #Housing Market #RE/MAX #Home Sales

RE/MAX National Housing Report: December 2024 Overview

December 2024 has proven to be a remarkable month for the housing market, marking the eighth consecutive month of growth compared to the previous year. The RE/MAX National Housing Report reveals an impressive 13.3% increase in home sales over December 2023, in addition to a 4.4% rise above November 2024 figures. These statistics showcase a robust demand for residential properties across the country, despite ongoing challenges with housing affordability.

One of the notable findings from the report indicates that the inventory of homes for sale in the surveyed 52 metro markets climbed to 22% higher than the previous year's levels. However, there was a seasonal decrease of 12.4% from November, which aligns with typical market trends during the winter months. New listings also saw an uptick of 7.5% year over year, contrasting with a steep decline of nearly 25% from November, highlighting the market's dynamic nature as it adapts to seasonal shifts.

The median sales price for homes in December reached $427,000, showing an increase of $25,000 (6.2%) compared to December 2023’s median price of $402,000. Interestingly, this price point represented a slight decrease of about $3,000 (0.6%) relative to November 2024, which illustrates the fluctuating yet resilient nature of housing prices during this period. Wealth analysis revealed that homes took longer to sell, with an average of 54 days on the market, compared to 47 days in December 2023.

Echoing trends seen in previous months, Erik Carlson, CEO of RE/MAX Holdings, pointed to a modest improvement in housing inventory levels while emphasizing the ongoing struggle for many buyers due to affordability issues. However, demand remains strong as many individuals recognize the lasting value of homeownership. Carlson advises prospective buyers to remain informed and strategically time their purchasing decisions in response to market conditions.

The regional dynamics within the housing market also tell a compelling story, particularly in Denver, Colorado. This market nearly doubled the national average in terms of year-over-year home sales, experiencing an increase of 26.5%. Christine Dupont-Patz, broker/co-owner of RE/MAX Cherry Creek in Denver, noted that while winter tends to be a quieter period for real estate activity, savvy buyers were actively engaging in the market, taking advantage of the increased inventory as they positioned themselves favorably ahead of the spring buying season. The notable 25% uptick in closings from December 2023 also signals optimism for upcoming market activity in the new year.

A look at other local metrics reveals that buyers paid an average of 98% of the asking price in December 2024, consistent with the previous year's figures, yet slightly below November's overview. Noteworthy shifts were observed in the comparisons of closing transactions among various metro markets, with Fayetteville, Arkansas seeing a 29% increase, Denver at 26.5%, and Seattle at 24.2%.

As the days on the market increased overall, as indicated by the strong performance metrics for certain regions, localized trends varied considerably, underscoring the need for buyers to remain vigilant and adapt accordingly. For example, Miami, Florida, recorded a sale-to-list ratio of 93.5%, marking a change from the national average. In contrast, regions such as Hartford, Connecticut noted a closing rate above 100%, compelling buyers into competitive negotiations.

Overall, the December 2024 performance according to the RE/MAX National Housing Report displays resilience and adaptability amid uncertainties, positioning the market for potential growth into 2025. By remaining attentive to local market conditions and emerging economic trends, buyers and sellers alike can navigate the landscape with enhanced acumen as the new year unfolds.

For those interested in exploring opportunities or searching for real estate listings, more detailed insights and assistance can be found at www.remax.com. RE/MAX, LLC, continues to solidify its presence in the global real estate market, aiding communities by facilitating transactions and enhancing customer experiences across its expansive network of agents.