Скачать или смотреть 2024 Housing Market Trends

The housing market remains on a rollercoaster with its twists and turns. Now that we are in the second half of 2024, what are experts saying about the overall housing market? Let’s take a look at what’s happening nationally and regionally.

National Housing Market Trends

According to the National Association of Realtors, home prices continue to rise due to lower-than-usual inventory. As of May this year, the median U.S. home sale price is $407,600, up 5% from this time last year. We continue to see inventory remain low, with 3.5 months of inventory on the market, meaning it is still a seller’s market. Nationally, properties typically remain on the market for an average of 26 days. First-time buyers are responsible for 33% of sales, and we are seeing more cash buyers, likely due to higher mortgage rates, representing 28% of all transactions during the Spring. Buyers looking for second homes or investments have fallen slightly, and distressed sales or foreclosures represent only 2% of sales. This indicates that most homeowners have built up equity in their homes and are not in a distressed position to sell.

Regional Housing Market Trends

**Northeast**: Sales are down 3% year over year.
**West**: Sales continue to rise, up 1.3% from last year, with a spike in the median home price up 9.3% from May 2023.
**South**: Existing home sales are down 3.1% from the prior year, but the median price is up 3.7% year over year.
**Midwest**: This region saw the smallest decline, with only a 1% dip in sales year over year and a 6% increase in home prices from last year.

Of course, these are all blanket national and regional numbers, and local specific areas may differ. It is always best to talk with an experienced local expert who knows current pricing, days on market, and inventory levels specific to the area you are planning to sell or buy in.

This is Dave with The David Marshall Team of eXp Realty. If you would like more information on the current inventory and prices in your area, then please contact us for our client-based approach to service excellence.

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David Marshall
The David Marshall Team | eXp Realty
(207) 409-6617
[email protected]
davidmarshallteam.com