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RE/MAX NATIONAL HOUSING REPORT FOR NOVEMBER 2024

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RE/MAX's November 2024 Housing Report shows significant year-over-year improvements despite seasonal slowdown. Home sales increased 6.3% compared to November 2023, marking the seventh month in 2024 to outperform its 2023 counterpart. The median sales price reached $429,000, up 5.7% from last year.

Key metrics include: inventory up 25.0% year-over-year but down 4.3% from October; new listings increased 8.5% year-over-year but decreased 23.5% month-over-month; average days on market rose to 47 days; and months' supply of inventory reached 2.9. Buyers paid 99% of asking price.

Notable market leaders include Phoenix with highest new listings growth (+29.8%), Bozeman, MT with highest sales increase (+45.8%), and Hartford, CT with highest close-to-list price ratio (102.8%).

Il Rapporto sulla Casa di RE/MAX di Novembre 2024 mostra significativi miglioramenti rispetto all'anno precedente, nonostante la lentezza stagionale. Le vendite di case sono aumentate del 6,3% rispetto a novembre 2023, segnando il settimo mese del 2024 in cui si supera la sua controparte del 2023. Il prezzo mediano delle vendite ha raggiunto $429.000, con un aumento del 5,7% rispetto all'anno scorso.

I principali indicatori includono: inventario aumentato del 25,0% su base annua ma diminuito del 4,3% rispetto a ottobre; nuove inserzioni aumentate dell'8,5% su base annua ma diminuite del 23,5% su base mensile; i giorni medi sul mercato sono saliti a 47 giorni; e il numero di mesi di offerta di inventario ha raggiunto 2,9. I compratori hanno pagato il 99% del prezzo richiesto.

I leader del mercato degni di nota includono Phoenix con la maggiore crescita di nuove inserzioni (+29,8%), Bozeman, MT con il maggiore aumento delle vendite (+45,8%), e Hartford, CT con il miglior rapporto prezzo di chiusura/prezzo di offerta (102,8%).

El Informe de Vivienda de RE/MAX de Noviembre de 2024 muestra mejoras significativas año tras año, a pesar de la desaceleración estacional. Las ventas de casas aumentaron un 6,3% en comparación con noviembre de 2023, marcando el séptimo mes de 2024 en el que se supera a su homólogo de 2023. El precio medio de venta alcanzó $429,000, un aumento del 5,7% en comparación con el año pasado.

Los indicadores clave incluyen: inventario aumentado un 25,0% año tras año, pero disminuido en un 4,3% desde octubre; nuevas listas aumentadas un 8,5% año tras año, pero disminuidas un 23,5% mes a mes; el promedio de días en el mercado subió a 47 días; y la oferta de inventario alcanzó 2.9 meses. Los compradores pagaron el 99% del precio de venta.

Los líderes del mercado notables incluyen a Phoenix con el mayor crecimiento de nuevas listas (+29,8%), Bozeman, MT con el mayor aumento de ventas (+45,8%), y Hartford, CT con la mejor relación precio de cierre/precio de lista (102,8%).

RE/MAX의 2024년 11월 주택 보고서는 계절적 둔화에도 불구하고 연간 실질적 개선을 보여줍니다. 주택 판매는 2023년 11월 대비 6.3% 증가하여 2024년 7개월 연속으로 2023년 동기를 초과했습니다. 중간 판매 가격은 $429,000에 도달하여 작년보다 5.7% 상승했습니다.

주요 지표에는: 재고가 전년 대비 25.0% 증가했으나 10월 대비 4.3% 감소; 신규 목록이 전년 대비 8.5% 증가했으나 월간으로는 23.5% 감소; 평균 시장 노출 기간이 47일로 증가; 재고 공급이 2.9개월에 도달했습니다. 구매자는 요청 가격의 99%를 지불했습니다.

주목할 만한 시장 리더에는 피닉스가 신규 목록 성장률이 가장 높고 (+29.8%), 보즈먼, MT가 판매 증가율이 가장 높고 (+45.8%), 하트포드, CT가 가장 높은 종가 대 목록가 비율 (102.8%)을 보였습니다.

Le Rapport sur le Logement de RE/MAX pour Novembre 2024 montre des améliorations significatives d'année en année malgré un ralentissement saisonnier. Les ventes de maisons ont augmenté de 6,3 % par rapport à novembre 2023, marquant le septième mois de 2024 à dépasser son homologue de 2023. Le prix médian des ventes a atteint 429 000 $, en hausse de 5,7 % par rapport à l'année précédente.

Les indicateurs clés incluent : l'inventaire en hausse de 25,0 % par rapport à l'année dernière mais en baisse de 4,3 % par rapport à octobre ; les nouvelles annonces en hausse de 8,5 % d'une année sur l'autre mais en baisse de 23,5 % par rapport au mois précédent ; le nombre moyen de jours sur le marché a augmenté à 47 jours ; et la disponibilité des mois d'inventaire a atteint 2,9. Les acheteurs ont payé 99 % du prix demandé.

Les leaders du marché notables comprennent Phoenix avec la plus forte croissance des nouvelles annonces (+29,8 %), Bozeman, MT avec la plus forte augmentation des ventes (+45,8 %), et Hartford, CT avec le meilleur rapport prix de clôture / prix demandé (102,8 %).

Der Wohnungsbericht von RE/MAX für November 2024 zeigt erhebliche Verbesserungen im Jahresvergleich trotz saisonalem Rückgang. Die Hausverkäufe sind im Vergleich zu November 2023 um 6,3% gestiegen, was den siebten Monat im Jahr 2024 markiert, in dem die Zahlen von 2023 übertroffen werden. Der erreichte $429.000, was einem Anstieg von 5,7% im Vergleich zum Vorjahr entspricht.

Wichtige Kennzahlen umfassen: Inventar um 25,0% im Jahresvergleich gestiegen, aber um 4,3% im Vergleich zu Oktober gesunken; neue Angebote um 8,5% im Jahresvergleich gestiegen, aber um 23,5% im Monatsvergleich gesunken; die durchschnittliche Zeit auf dem Markt stieg auf 47 Tage; und der Lagerbestand erreichte 2,9 Monate. Käufer zahlten 99% des Angebotspreises.

Bemerkenswerte Marktführer sind Phoenix mit dem höchsten Wachstum neuer Angebote (+29,8%), Bozeman, MT mit dem höchsten Verkaufszuwachs (+45,8%), und Hartford, CT mit dem höchsten Verhältnis von Abschluss- zu Angebotsprice (102,8%).

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Year-Over-Year Gains Highlight Market Resilience Amid Seasonal Slowdown

DENVER, Dec. 16, 2024 /PRNewswire/ -- November home sales finished 6.3% above a year ago, marking the seventh time a 2024 month has topped its 2023 counterpart. At the same time, sales dropped 11.6% from October, reflecting the typical year-end slowdown.

In the 50 metro markets surveyed, November inventory was 25.0% higher year over year but declined 4.3% from October. New listings also increased and were 8.5% higher year over year but dropped 23.5% month over month.

Likewise, the median sales price of $429,000 was 5.7% above November 2023's $406,000, but down 0.2% from October's $430,000.

"Year-over-year growth across nearly all major categories signals a strong finish to 2024," said RE/MAX, LLC. President Amy Lessinger. "With consumer confidence rising and Millennials driving demand—many of whom are reaching key life milestones like marriage and children—2024 looks set to outperform 2023 overall. If these trends continue it could bode well for the 2025 housing market."

The Nashville market experienced a similar trajectory and saw year-over-year increases but month-over-month declines in home sales, inventory, and new listings. Debra Beagle, CEO of The Ashton Real Estate Group of RE/MAX Advantage in Nashville, TN said seasonal swings are expected and buyers and sellers adjust for it.

"Sellers are willing to give concessions to buyers, so it's a great time to negotiate a deal on a buy with inventory sitting a little longer. We are at about four months of inventory, but sales are still being done, and sellers are holding more on price but also giving concessions."

Other metrics of note:

  • Days on Market grew to 47 days. By comparison, homes sold a week faster the previous two Novembers: 40 days in 2023 and 39 days in 2022. It was five days over October's 42 days.
  • Months' Supply of Inventory totaled 2.9 in November, up from 2.6 in November 2023 and October 2024.
  • Buyers paid 99% of the asking price in November, same as November 2023 and October 2024.

Highlights and local market results for November include:

New Listings 
In the 50 metro areas surveyed in November 2024, the number of newly listed homes was up 8.5% compared to November 2023 and down 23.5% compared to October 2024. The markets with the biggest increase in year-over-year new listings percentage were Phoenix, AZ at +29.8%, Las Vegas, NV at +27.7%, and Honolulu, HI at +26.6%. The markets with the biggest year-over-year decrease in new listings percentage were Manchester, NH at -18.4%, Boston, MA at -14.3%, and St. Louis, MO at -11.9%.

New Listings:
5 Markets with the Biggest YoY Increase

Market

Nov 2024

Nov 2023

Year-over-Year %
Change

Phoenix, AZ

7,397

5,698

+29.8 %

Las Vegas, NV

3,310

2,592

+27.7 %

Honolulu, HI

924

730

+26.6 %

Houston, TX

11,184

9,134

+22.4 %

Birmingham, AL

1,432

1,184

+20.9 %

Closed Transactions 
Of the 50 metro areas surveyed in November 2024, the overall number of home sales was up 6.3% compared to November 2023, and down 11.6% compared to October 2024. The markets with the biggest increase in year-over-year sales percentages were Bozeman, MT at +45.8%, Coeur d'Alene, ID at +27.9%, and Portland, OR at +26.9%. The markets with the biggest decrease in year-over-year sales percentage were Miami, FL at -13.0%, Manchester, NH at -7.7%, and Tampa, FL at -6.6%.

Closed Transactions:
5 Markets with the Biggest YoY Increase

Market

Nov 2024

Nov 2023

Year-over-Year %
Change

Bozeman, MT

140

96

+45.8 %

Coeur d'Alene, ID

275

215

+27.9 %

Portland, OR

2,204

1,737

+26.9 %

Seattle, WA

3,500

2,875

+21.7 %

Las Vegas, NV

2,293

1,902

+20.6 %

Median Sales Price – Median of 50 metro area prices
In November 2024, the median of all 50 metro area sales prices was $429,000, up 5.7% from November 2023, and down 0.2% compared to October 2024. The markets with the biggest year-over-year increase in median sales price were Bozeman, MT at +14.7%, Wichita, KS at +11.6%, and St. Louis, MO at +10.5%. There was only one market that experienced a year-over-year decrease in median sales price: Tampa at -1.3%.

Median Sales Price:
5 Markets with the Biggest YoY Increase

Market

Nov 2024

Nov 2023

Year-over-Year %
Change

Bozeman, MT

$737,250

$642,500

+14.7 %

Wichita, KS

$251,000

$225,000

+11.6 %

St. Louis, MO

$265,280

$240,000

+10.5 %

Detroit, MI

$265,000

$240,000

+10.4 %

Providence, RI

$475,000

$432,000

+10.0 %

Close-to-List Price Ratio – Average of 50 metro area prices
In November 2024, the average close-to-list price ratio of all 50 metro areas in the report was 99%, the same as in both November 2023 and October 2024. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it's less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were Miami, FL at 94.0%, Bozeman, MT at 95.6%, followed by a tie between Houston, TX and Tampa, FL at 96.6%. The metro areas with the highest close-to-list price ratios were Hartford, CT at 102.8%, San Francisco, CA at 102.5% and Trenton, NJ at 100.8%.

Close-to-List Price Ratio:
5 Markets with the Highest Close-to-List Price Ratio

Market

Nov 2024

Nov 2023

Year-over-Year
Difference*

Hartford, CT

102.8 %

102.9 %

0.0 pp

San Francisco, CA

102.5 %

102.0 %

+0.5 pp

Trenton, NJ

100.8 %

101.7 %

-0.8 pp

Baltimore, MD

100.6 %

100.1 %

+0.5 pp

Richmond, VA

100.6 %

100.7 %

-0.2 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 November 2024 was 47, up seven days compared to November 2023, and up five days compared to the average in October 2024. The metro areas with the highest days on market averages were Bozeman, MT at 78, Coeur d'Alene, ID at 77, followed by a tie between Fayetteville, AR and San Antonio, TX at 76. The lowest days on market were Baltimore, MD at 15, Washington D.C. at 17, and Philadelphia, PA at 18. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Days on Market:
5 Markets with the Highest Days on Market

Market

Nov 2024

Nov 2023

Year-over-Year %
Change

Bozeman, MT

78

71

+9.8 %

Coeur d'Alene, ID

77

80

-3.8 %

Fayetteville, AR

76

86

-11.0 %

San Antonio, TX

76

70

+8.1 %

Miami, FL

71

52

+36.9 %

Months' Supply of Inventory – Average of 50 metro areas
The number of homes for sale in November 2024 was up 25.0% from November 2023, and down 4.3% from October 2024. Based on the rate of home sales in November 2024, the months' supply of inventory was 2.9, up from 2.6 in both November 2023 and October 2024. In November 2024, the markets with the lowest months' supply of inventory were Seattle, WA at 1.1, Hartford, CT at 1.2 and Trenton, NJ, Washington, D.C., Manchester, NH, and Baltimore, MD tied at 1.3. The markets with the highest months' supply of inventory were Miami, FL at 7.6, Honolulu, HI at 5.7, and Bozeman, MT at 5.5.

Months' Supply of Inventory:
5 Markets with the Highest Months' Supply of Inventory

Market

Nov 2024

Nov 2023

Year-over-Year %
Change

Miami, FL

7.6

4.8

+59.2 %

Honolulu, HI

5.7

2.5

+131.7 %

Bozeman, MT

5.5

4.8

+14.2 %

San Antonio, TX

5.4

5.3

+1.3 %

Houston, TX

4.8

4.7

+1.0 %

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 nearly 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 U.S. Office of Management and Budget.

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.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/remax-national-housing-report-for-november-2024-302332743.html

SOURCE RE/MAX, LLC

FAQ

What was RE/MAX's median home sales price in November 2024?

The median home sales price in November 2024 was $429,000, representing a 5.7% increase from November 2023's $406,000, but a slight 0.2% decrease from October 2024.

How did RMAX home sales perform in November 2024 compared to 2023?

Home sales in November 2024 were 6.3% higher compared to November 2023, though they decreased 11.6% from October 2024 due to seasonal patterns.

Which RE/MAX markets showed the strongest year-over-year sales growth in November 2024?

Bozeman, MT led with a 45.8% increase, followed by Coeur d'Alene, ID at 27.9%, and Portland, OR at 26.9%.

What was the average days on market for RE/MAX properties in November 2024?

The average days on market was 47 days, which was seven days longer than November 2023 and five days longer than October 2024.

How did RE/MAX's inventory levels change in November 2024?

Inventory was 25.0% higher compared to November 2023, but declined 4.3% from October 2024, with a months' supply of inventory at 2.9.

Which RE/MAX markets had the highest close-to-list price ratios in November 2024?

Hartford, CT led with 102.8%, followed by San Francisco, CA at 102.5%, and Trenton, NJ at 100.8%.

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