RE/MAX NATIONAL HOUSING REPORT FOR FEBRUARY 2024
Home Sales Rise, With Sellers Getting Almost Full Listing Price
In a third of the markets of the 50 metros areas surveyed, buyers on average paid
Meanwhile, inventory held relatively steady and dropped just
In another indicator of increased demand, homes took an average of 44 days to sell in February – two days faster than January and one day faster than February 2023.
"The February jump in sales activity illustrates the strength of demand in many markets. Buyers are out there looking for homes," said RE/MAX President Amy Lessinger. "Investing in real estate is still one of the best ways to build wealth. As the market has continued to rebalance, both buyers and sellers seem to be adjusting their plans and making moves they may have had on hold for a while."
Tim Yee, a broker associate with RE/MAX Gold in the
Highlights and local market results for February include:
Closed Transactions
Of the 50 metro areas surveyed in February 2024, the overall number of home sales was up
Closed Transactions: | |||
Market | Feb 2024 | Feb 2023 | Year-over-Year |
974 | 836 | +16.5 % | |
107 | 93 | +15.1 % | |
2,657 | 2,317 | +14.7 % | |
795 | 710 | +12.0 % | |
1,879 | 1,681 | +11.8 % |
Median Sales Price – Median of 50 metro area prices
In February 2024, the median of all 50 metro area sales prices was
Median Sales Price: | |||
Market | Feb 2024 | Feb 2023 | Year-over-Year |
+23.7 % | |||
+21.7 % | |||
+16.7 % | |||
+16.7 % | |||
+12.7 % |
Close-to-List Price Ratio – Average of 50 metro area prices
In February 2024, the average close-to-list price ratio of all 50 metro areas in the report was
Close-to-List Price Ratio: | |||
Market | Feb 2024 | Feb 2023 | Year-over-Year |
103.7 % | 100.2 % | +3.5 pp | |
100.8 % | 98.4 % | +2.3 pp | |
99.2 % | 97.2 % | +2.1 pp | |
100.7 % | 99.0 % | +1.7 pp | |
101.6 % | 100.2 % | +1.4 pp | |
*Difference displayed as change in percentage points |
Days on Market – Average of 50 metro areas
The average days on market for homes sold in February 2024 was 44, down two days compared to the average in January 2024, and down one day compared to February 2023. The metro areas with the lowest days on market were
Days on Market: | |||
Market | Feb 2024 | Feb 2023 | Year-over-Year |
20 | 28 | -29.6 % | |
32 | 44 | -26.6 % | |
26 | 33 | -23.0 % | |
43 | 55 | -21.0 % | |
62 | 79 | -20.6 % |
Months' Supply of Inventory – Average of 50 metro areas
The number of homes for sale in February 2024 was down
Months' Supply of Inventory: | |||
Market | Feb 2024 | Feb 2023 | Year-over-Year |
3.1 | 1.0 | +207.6 % | |
2.8 | 1.8 | +53.4 % | |
4.3 | 2.8 | +52.0 % | |
2.5 | 1.7 | +47.7 % | |
1.5 | 1.0 | +46.9 % |
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com.
Report Details
The RE/MAX National Housing Report is distributed monthly on or about the 15th. The Report is based on MLS data for the stated month in 50 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, most of the largest metro areas in the country are represented, and an attempt is made to include at least one metro area in almost every state. Metro areas are defined by the Core Based Statistical Areas (CBSAs) established by the
Definitions
Closed Transactions are the total number of closed residential transactions during the given month. Months Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pending listings) during the month. Where "pending" data is unavailable, an inferred pending status is calculated using closed transactions. Days on Market is the average number of days that pass from the time a property is listed until the property goes under contract. Median Sales Price for a metro area is the median sales price for closed transactions in that metro area. The nationwide Median Sales Price is calculated at the nationwide aggregate level using all sale prices from the included metro areas. The Close-to-List Price Ratio is the average value of the sales price divided by the list price for each closed transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. While MLS data is believed to be reliable, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month, the previous period's data is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.
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SOURCE RE/MAX, LLC