DENVER, CO — December marked a significant milestone for the housing market, with home sales climbing 13.3% over December 2023 and 4.4% higher than November 2024, according to the RE/MAX National Housing Report. This momentum made it the eighth month of 2024 to surpass sales figures from the previous year.
Nationwide, housing inventory displayed a mix of trends. The number of homes for sale was 22% higher year over year but dropped 12.4% compared to November, in line with seasonal patterns. New listings rose 7.5% over December 2023, breaking a downward trend seen in the previous two Decembers, although they fell 24.9% compared to November.
The median home price in December stood at $427,000, reflecting a 6.2% increase from December 2023 but a slight dip of 0.6% compared to the prior month.
“Overall, 2024 showed some modest improvements in housing inventory,” said Erik Carlson, CEO of RE/MAX Holdings, Inc. “Affordability remains a challenge for many buyers, but demand persists as people continue to see the value of homeownership. Buyers should stay informed and act when the time is right for them.”
Regional Performance and Noteworthy Metrics
The Denver market demonstrated exceptional growth, nearly doubling the national average for year-over-year home sales with a 26.5% increase. According to Christine Dupont-Patz, broker/co-owner of RE/MAX Cherry Creek, “Closings were up over 25% from December 2023, which could be a positive sign for the new year. With interest rates holding steady, buyers negotiated for more concessions and buy-downs to get into their dream homes.”
Other highlights of the December housing market include:
- New Listings: Increased by 7.5% year over year, with cities like Burlington, VT (+32.1%), Manchester, NH (+30.6%), and Las Vegas, NV (+30.2%) leading the way.
- Closed Transactions: Fayetteville, AR (+29.0%), Denver, CO (+26.5%), and Seattle, WA (+24.2%) posted the highest year-over-year gains in sales percentages.
- Median Prices: Dover, DE (+13.3%) and Cleveland, OH (+13.1%) showed the largest increases in median home prices over December 2023.
Buyers closed on homes at an average of 98% of the asking price in December, mirroring the rate from a year ago but slightly below November’s 99%. Meanwhile, homes spent an average of 54 days on the market, seven days longer than both December 2023 and November 2024.
Inventory and supply trends remained steady, with a 3.0-month supply of available homes compared to 2.5 months in December 2023.
The December 2024 data spotlights both challenges and opportunities in the housing market, setting the stage for what could be a critical year for homebuyers and sellers navigating affordability and supply constraints. The RE/MAX National Housing Report provides ongoing insights into the evolving market dynamics across 52 metropolitan areas.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.