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RE/MAX National Housing Report: November 2024 Insights

The latest report from RE/MAX highlights an optimistic trend in the residential real estate market. Home sales for November 2024 demonstrated a 6.3% increase compared to November 2023, underscoring the resilience of the market even as it faces year-end slowdowns typical of the season. This marks the seventh instance in 2024 where monthly sales outpaced the previous year's figures, showing robust growth across multiple categories.

Despite this promising year-over-year performance, home sales experienced a more significant monthly drop, with an 11.6% decrease from October. These dynamics reflect common seasonal patterns that real estate markets tend to experience as the holiday season approaches.

Market Inventory and Trends

In examining the inventory situation, the 50 metropolitan areas surveyed noted a 25.0% increase in available homes compared to the same month last year, although this represented a 4.3% decline from October 2024. New listings surged by 8.5% year-over-year but showed a notable drop of 23.5% from the previous month, indicating a changing landscape for prospective buyers and sellers engaging in the market.

The median sales price in November 2024 reached $429,000, reflecting a 5.7% increase from November 2023 ($406,000) yet down slightly by 0.2% from October 2024’s price of $430,000. This variation in median price showcases the market's complexity as both rising and stabilizing influences intertwine.

Consumer Confidence and Buyer Profile

According to Amy Lessinger, President of RE/MAX LLC, the overall growth across major categories suggests a strong finish for 2024. The rise in consumer confidence, particularly among millennials who are now entering significant life stages like marriage and expanding families, is driving this demand.

“If these trends persist, they could lead to a positive outlook for the housing market as we move into 2025,” Lessinger stated, reinforcing the importance of buyer sentiment on market dynamics.

Regional Performance Highlights

Cities like Nashville are experiencing similar trends, with year-over-year sales improvements but a decline in month-over-month figures. Debra Beagle, CEO of The Ashton Real Estate Group in Nashville, noted that sellers are becoming more pragmatic, often willing to negotiate or offer concessions, which gives buyers leverage in the current market environment.