December 2023 Vs 2024 Market Statistics

December 2023 Vs 2024 Market Statistics

Let’s put these numbers in perspective. Looking back over the years, we observe the following historical trends:

• In 2021, there were 75,581 new listings.
• In 2022, this number decreased to 68,039.
• And in 2023, we saw a further decline to 59,581 new listings.

• Median Sales Price: The cornerstone of market health, the median sales price, witnessed a modest increase of 1.4% from 2022, climbing to $363,000 in 2023. This gentle upward trend is a testament to the enduring value of homeownership, despite broader economic uncertainties.

• Days on Market Until Sale: Reflecting the pace of the market, the average days on market until sale saw a notable decrease from 40 to 31 days. This 29.0% reduction underscores a quicker turnover rate, suggesting a market leaning towards sellers, where listings move swiftly from "For Sale" to "Sold."

• Median List Price: The median list price edged up by 1.3%, from $385,000 in 2022 to $389,900 in 2023. This slight uptick reflects a cautious optimism among sellers, aligning with the overall stability in pricing trends.

A Closer Look at Supply and Demand

• New Listings and Closed Sales: The narrative of supply and demand unfolds with new listings increasing by 3.7%, yet closed sales dipped by 12.4%. This divergence highlights a complex interplay between available inventory and buyer activity, pointing towards a market recalibration.

• Months Supply of Homes for Sale: A critical indicator of market balance, the months supply of homes for sale, remained steady, illustrating a market that is navigating through a period of adjustment, striving to meet the evolving needs of buyers and sellers alike.

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Sellers:

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