DENVER, CO — November 2024 marked another strong month for the housing market, with home sales up 6.3% compared to the same period in 2023, according to the RE/MAX National Housing Report for November 2024. This growth was seen despite an 11.6% month-over-month decline, reflecting typical seasonal trends as the year comes to a close.
Inventory levels saw notable year-over-year improvement, increasing by 25%, although they dropped 4.3% since October. New listings followed a similar pattern, rising 8.5% over November 2023 but falling 23.5% compared to the prior month.
The median sales price reached $429,000, up 5.7% from November 2023 but down slightly from October’s $430,000. “Year-over-year growth across nearly all major categories signals a strong finish to 2024,” said Amy Lessinger, President of RE/MAX, LLC. “With consumer confidence rising and Millennials driving demand, 2024 looks set to end on a high note and could create momentum for 2025.”
Several metro areas demonstrated significant gains. Bozeman, MT led the nation with a 45.8% increase in year-over-year home sales, followed by Coeur d’Alene, ID at 27.9%, and Portland, OR at 26.9%. Meanwhile, Miami, FL saw the steepest sales decline at -13.0%.
Days on Market rose to an average of 47, a week longer than November 2023, as homes took more time to sell. Markets with the longest sales timelines included Bozeman, MT and Coeur d’Alene, ID. By contrast, Baltimore, MD had the fastest-moving market with homes selling in just 15 days on average.
Months’ supply of inventory also climbed to 2.9, up from 2.6 a year earlier. Miami, FL reported the highest supply at 7.6 months, signaling a more balanced or buyer-friendly market.
This report, based on MLS data from 50 major metro areas, highlights ongoing resilience in the housing market as 2024 nears its conclusion, with balanced growth fueled by rising confidence and steady demand.
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