MARKET AREAS
AREA COUNTIES INCLUDED PROVIDED BY
Anaheim/Santa Ana, CA Orange
Los Angeles, CA Los Angeles
Riverside/San Bernardino, CA
Riverside, San Bernardino
Sacramento, CA El Dorado, Placer, Sacramento, Yolo
San Diego San Diego
San Francisco, CA
Miami, FL (Single Family-Detached)
Miami, FL (Townhomes/Condos)
Orlando, FL
Alameda, Contra Costa, Marin, San Francisco, San Mateo Anh
Broward, Miami-Dade, Palm Beach (Single Family-Detached)
Broward, Miami-Dade, Palm Beach (Townhomes/Condos)
Lake, Orange, Osceola, Seminole
Tallahassee, FL Gadsden, Jefferson, Leon, Wakulla
Jennifer Blake
Jeff Russell
Monica Hill
Serina Lowden
Joe Gummerson
Pham
Eddie Blanco
Eddie Blanco
Adriana Montes
Danielle Galvin
MARKET AREAS
AREA COUNTIES INCLUDED PROVIDED BY
Atlanta, GA
Chicago, IL
Baltimore, MD
Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Morgan, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, Walton
Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, Will Kirby Pearson
Anne Arundel, Baltimore, Carroll, Harford, Howard, Queen Anne’s Melanie Gamble
So Maryland, MD Prince George’s, Montgomery, Charles, Calvert Melanie Gamble
Detroit, MI
Lapeer, Livingston, Macomb, Oakland, St. Clair, Wayne Sherri Saad Minneapolis, MN
Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington, Wright Scott Rodman
St. Louis, MO
Newark, NJ
New York, NY
Crawford, Franklin, Jefferson, Lincoln, St. Charles, St Louis, Warren Cathy Davis
Essex, Hunterdon, Morris, Somerset, Sussex, Union
Naussau, Suffolk, Queens (presented in separate charts)
Nick Verdi
Todd Yovino
John Sherwood
MARKET AREAS
AREA COUNTIES INCLUDED PROVIDED BY
Las Vegas, NV Clark
Philadelphia, PA
South Central, PA
Dallas, TX
Houston, TX
Seattle/Tacoma, WA
Bucks, Chester, Delaware, Montgomery, Philadelphia
Adams, Berks, Cumberland, Dauphin, Lancaster, Lebanon, York
Collin, Dallas, Denton, Ellis, Hood, Hunt, Johnson, Kaufman, Parker, Rockwall, Somervell, Tarrant, Wise
Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, Waller
King, Pierce, Snohomish
Mark Rebert
Sharon Bartlett
Monica Vaca
Ed Laine
Washington, DC District of Columbia Melanie Gamble
Brandy White Elk
Mitchell Cohen
MONTHLY MARKET TRENDS
ANAHEIM/SANTA ANA, CALIFORNIA NOVEMBER
Additional Market Data: The market in Orange County, CA has remained fairly consistent. There have been some price reductions. The market has slowed a bit. But, this is due to a few factors. #1 being high interest rates, #2 going into the Holiday Season, and #3 people are waiting for more inventory to hit the market, as the inventory is still quite low, in most areas. And, there is a lack of inventory in some areas.
MONTHLY MARKET TRENDS
LOS ANGELES, CALIFORNIA
Additional Market Data: Los Angeles County's real estate market demonstrated resilience amid seasonal fluctuations. The median home price rose to approximately $900,000, reflecting a 5.6% year-over-year increase. However, the number of homes sold decreased from 4,212 the previous month to only 3,611 transactions in November. Homes spent an average of 41 days on the market, up 18.4% compared to November 2023, indicating a slight cooling in market velocity Despite these shifts, the market remains competitive, with nearly 14% of homes selling above the asking price. These trends suggest that while demand persists, buyers and sellers are adjusting to evolving economic conditions and seasonal patterns. Currently, there are 68 active REO properties in Los Angeles County ranging from $160,000 to $21,900,000.
MONTHLY MARKET TRENDS
RIVERSIDE/SAN BERNARDINO, CALIFORNIA
Additional Market Data: The Riverside-San Bernardino MSA real estate market in November 2024 faced challenges from limited inventory and high mortgage rates. Many homeowners chose to stay put, unwilling to sell and lose their favorable rates, leading to fewer active and new listings. This "lock-in" effects tightened supply, creating a competitive market where average list prices rose, particularly in luxury and mid-tier neighborhoods. However, median sales prices declined slightly as buyers focused on smaller, more affordable homes and negotiated aggressively to manage costs. Inland areas like Victorville and Hemet drew increased interest for their affordability, while creative financing options, such as rate buy-downs and adjustable-rate mortgages, helped buyers navigate high rates. Sellers responded by offering concessions like covering closing costs to close deals. The rental market remained robust, with rising rents and limited vacancies keeping demand high. Despite affordability challenges, steady buyer interest and tight supply are expected to sustain a competitive market into 2025.
Information provided for this market by Monica Hill at MVP Real Estate & Investments. Cell Phone: 951-834-8687 | Email: MVP4RealEstate@gmail.com
MONTHLY MARKET TRENDS
SACRAMENTO, CALIFORNIA
Additional Market Data: Higher interest rates are significantly impacting buyer affordability, leading to slower sales and longer days on market across all four counties. Limited housing supply continues to underpin prices, particularly in high-demand areas, although seasonal inventory increases are giving buyers more options. Rising prices and borrowing costs are pricing out many potential buyers, particularly in Sacramento and Yolo counties. The ongoing appeal of suburban and rural living is keeping demand steady in Placer and El Dorado counties, with buyers prioritizing space and quality of life. Inflation and economic uncertainty are causing some buyers to pause, adding to the shift toward a more balanced market. These factors collectively highlight a shifting market dynamic, with growing opportunities for buyers as competition moderates, yet challenges persist due to affordability pressures
MONTHLY MARKET TRENDS
SAN DIEGO, CALIFORNIA
Additional Market Data: Although property values remain at record highs, the Real Estate Market in San Diego County is starting to show signs of cooling, as home value increases have plateaued. Days on Market for Actively Listed properties has increased to 83 days, with 39% having done at least one price reduction. The ongoing shortage of available of homes for sale has supported the current pricing levels throughout 2024 But, many potential Home-Buyers are taking a pause over the Holidays, as interest rates remain elevated. Expired, Canceled and Withdrawn Listings have increased. There’s an overall expectation that many of these properties will come back on the market after the New Year and into the spring. Home affordability is a challenge for many San Diegan’s, with only 12% of the population able to afford the Median Home Price of $1,000,005 The apartment rental market has also pulled back off it’s peak, as building owners are increasingly offering move-in incentives. Information provided for this market by Joe Gummerson at Joseph Gummerson, Broker.
SAN FRANCISCO, CALIFORNIA
Additional Market Data: The number of new listings entering the market has decreased from the substantial surge observed in September, and the supply of active listings has also declined. Listing and sales activity, along with nearly all standard demand metrics, typically slow down significantly in November and December. During this time, the number of unsold listings often increases as many properties are taken off the market, usually until the new year, particularly in the higher price segments. However, homes continue to be listed and sales do occur, although in smaller quantities. In fact, the next two months can present a prime opportunity for buyers to negotiate more effectively and secure some of the best deals of the year.
NOVEMBER 2024
MONTHLY MARKET TRENDS
MIAMI, FLORIDA (SINGLE FAMILY-DETACHED)
Additional Market Data: The detached single-family home market in the Miami-Fort Lauderdale-West Palm Beach MSA is transitioning toward balance, with October 2024 showing mixed signals. Closed sales reached 2,883, a slight year-over-year dip of -1.9%, while inventory surged 33.5%, reaching 15,023 active units and pushing months' supply to 5.0 from 3.7 a year ago. Median sale prices rose 5.6% to $635,000, and the average sale price climbed 9.7% to $1,029,557, driven by continued demand, particularly in the luxury market. However, affordability remains a challenge, with cash sales dropping to 30.2% of transactions (-14.3% YOY), reflecting more reliance on financing amid higher interest rates. Market velocity has slowed, with median time to contract extending to 39 days (+69.6%) and time to sale increasing to 80 days (+25%), giving buyers more negotiation power as homes linger longer. New listings fell by -10.2% year-over-year, but higher inventory and longer selling times indicate a cooling market. Sellers are more flexible, with the median percent of original list price received declining to 94.9% from 96.7%. While dollar volume rose to $3.0 billion (+7.6% YOY), fueled by higher prices, buyers are becoming more selective due to affordability concerns and economic uncertainty. This evolving landscape highlights a shift from a seller-dominated market toward one where buyers have more leverage, requiring strategic adaptability from all market participants.
NOVEMBER 2024
MONTHLY MARKET TRENDS
MIAMI, FLORIDA (TOWNHOMES/CONDOS)
Additional Market Data: The Miami-Fort Lauderdale-West Palm Beach MSA condo/townhouse market is undergoing significant changes, with October 2024 reflecting a slowdown in activity and a surge in inventory. Closed sales declined sharply by -19.1% year-over-year to 2,562, while cash sales dropped even more steeply, falling -26.7% to 1,304, representing 50.9% of transactions compared to 56.1% a year earlier. Despite this, median sale prices saw a modest 1.5% increase to $335,000, and average sale prices rose 2.1% to $512,720, signaling some price resilience. Inventory expanded dramatically, with active listings up 62% year-over-year to 27,654 units, pushing the months’ supply of inventory to 9.3, a striking 82.4% increase. Market velocity slowed notably, with median time to contract rising 71% to 53 days and median time to sale increasing 30% to 91 days. Pending inventory fell -17.5%, and new pending sales were down -16.8%, indicating softer demand. The total dollar volume of sales decreased by -17.4% to $1.3 billion, reflecting fewer transactions and a more selective buyer pool. While new listings remained relatively stable at 5,671 (-0.5%), the growing inventory suggests that sellers are facing more competition, especially as the median percent of the original list price received dipped to 94.2% from 96.1% a year ago. These trends highlight a shifting condo market characterized by higher inventory, longer selling times, and more cautious buyer behavior, creating a challenging environment for sellers while offering buyers greater opportunities and negotiation power. The market changes are in part, as a result of the law changes that Florida enacted Senate Bill 4-D in May 2022 to enhance condominium safety statewide.
MONTHLY MARKET TRENDS
ORLANDO, FLORIDA
Additional Market Data: In November 2024, the real estate market in Orlando, Florida, showed some interesting trends. The median sale price for homes was $400,000, which is about 2.8% higher than last year. This means home values are still going up, but not as quickly as in the past. On average, homes sold for 96.6% of their listing price. This means most sellers had to negotiate and accept offers slightly below their asking prices. Homes also stayed on the market longer, averaging 46 days compared to just 26 days a year ago This gives buyers more time to make decisions. Fewer homes were sold this year, with 314 properties changing hands in October 2024 compared to 406 during the same time last year. This slowdown might be due to higher interest rates or more cautious buyers. Overall, Orlando's housing market seems to be balancing out. Prices are still steady, but buyers have a bit more power to negotiate. If you're planning to sell, it might take longer to find the right buyer. For buyers, this could be a good time to explore options and possibly negotiate a better deal
MONTHLY MARKET TRENDS
TALLAHASSEE, FLORIDA
Additional Market Data: Inventory is increasing month over month about 3%, this is leading to a 20% increase in days on market. We are still seeing slow showings and months supply also increasing. Overall dollar volume is up 5%. Cash sales continue to decline as prices are still increasing so there are not a lot of investors in our market. New construction is also impacting inventory, pricing and days on market. New construction is accounting for over 25% of sales in our area year to date and also over the last 90 days
Additional Market Data: The average sales price for November was up by 5.5%. The number of properties on the market increased in the last month We have also seen a decrease in the average days on market in the last 30 days.
CHICAGO, ILLINOIS
Additional Market Data: Chicago's real estate market continues to be impacted by several factors, including high mortgage rates and limited housing inventory. Seller's market continues. Inventory continues to drop in the area and prices remain elevated. The suburban market has shown more resilience, especially for single-family homes as buyers seek more space, although price growth remains strong.
MONTHLY MARKET TRENDS
BALTIMORE, MARYLAND
NOVEMBER 2024
Additional Market Data: The data indicates a general upward trend in median home prices across these counties, with Howard County experiencing the most significant increase. Housing inventory levels varied, with notable decreases in Anne Arundel and Carroll Counties, suggesting a tightening market in those areas. Conversely, Queen Anne’s County saw a substantial increase in inventory, which may indicate a shift toward a more balanced market The rise in average days on market across all counties suggests a potential cooling in buyer demand or a more deliberate purchasing process. These trends are influenced by various factors, including economic conditions, interest rates, and regional demand.
MONTHLY MARKET TRENDS
SO. MARYLAND, MARYLAND
NOVEMBER 2024
Additional Market Data: The data indicates a general upward trend in median home prices across these counties, with Calvert County experiencing the most significant increase. The rise in housing inventory, particularly in Charles County, suggests a potential shift toward a more balanced market. However, the increased days on market in Charles County may reflect a cooling demand or a more deliberate buying process. These trends are influenced by various factors, including economic conditions, interest rates, and regional demand
MONTHLY MARKET TRENDS
DETROIT, MICHIGAN
Additional Market Data: Demand & Supply: Buyer demand remains steady but is tempered by rising interest rates Low inventory continues to drive competition, keeping prices stable or slightly up. Seasonal Impact: Winter typically slows activity, but motivated buyers and sellers remain active, leading to competition for well-priced homes. Economic Factors: Inflation and rates are impacting affordability, prompting some buyers to downsize or explore financing alternatives. Strong local job markets are supporting demand.
MONTHLY MARKET TRENDS
MINNEAPOLIS, MINNESOTA
NOVEMBER 2024
Additional Market Data: The Twin Cities area remains a seller's market, even as we enter the typical seasonal slowdown of the winter months While sales prices are up 3% compared to November 2023, they have dipped 0.3% recently, reflecting the usual seasonal trends in Minnesota. Buyer interest increased around Thanksgiving, but overall activity is slowing. Despite this, the housing inventory remains balanced, and prices are beginning to show slight downward movement while still favoring sellers.
MONTHLY MARKET TRENDS
ST. LOUIS, MISSOURI
Additional Market Data: We seem to have hit the roller coaster effect which is typical for this time of year. Between holidays and unstable weather patterns (we had one of the earliest snows Thanksgiving week than we've had in many years) the market slides into the same roller coaster pattern. Active listings are up but sales are down which helps explain the higher number of active listings. We will soon come to a slow crawl until after the New Year. The average list price vs sales price and median sales price are the two most relatively stable statistics. This trend tends to continue historically through the bitter winter months upon us. Interest rates are more attractive and using the pre-buydown point option as some lenders refer to it as, helps with affordability which is keeping buyers in the market continuing to search for that perfect house.
MONTHLY MARKET TRENDS
NEWARK, NEW JERSEY
Additional Market Data: As of November 2024, the real estate markets in Essex, Morris, Somerset, Sussex, Union, and Hunterdon Counties exhibit distinct trends: Essex County: • Homes are spending an average of 44 days on the market, an 11.39% increase from the previous year, indicating a potential cooling in buyer urgency. Morris County: Properties have an average market time of 40 days, a 3.61% decrease year-over-year, suggesting sustained buyer interest and a competitive market. Somerset County: The market shows a 9.2% increase in new single-family home listings compared to the previous year, providing buyers with more options. Sussex County: Homes are on the market for an average of 53 days, a 24.26% increase from the prior year, indicating a slowdown in sales velocity. Union County: Properties average 48 days on the market, a 12.94% rise year-over-year, reflecting a potential shift towards a more balanced market. Hunterdon County: The market remains competitive, with properties often receiving multiple offers and selling above the asking price. Overall, while some counties are experiencing increased days on market, indicating a potential cooling, others maintain strong buyer interest. Inventory levels and buyer demand vary across these counties, underscoring the importance of localized market analysis for informed real estate decisions.
Information provided for this market by Nick Verdi at Lifestyle International Realty. Cell Phone: 973-769-1009 | Email: nickreo@aol.com
Additional Market Data: Median sales price has decreased slightly, days on the market in the area have cut by 50 percent, listing prices have remained the same.
Additional Market Data: Supply and number of closed sales has increased significantly in the area, days on the market have decreased by 50% within the 30 days.
MONTHLY MARKET TRENDS
NEW YORK, NEW YORK - QUEENS
Additional Market Data: The median sales price has decreased however the months supply and # of closed sales has increased since last month.
MONTHLY MARKET TRENDS
LAS VEGAS, NEVADA
Additional Market Data: The current market trends are consistent with those observed last month. As we approach the holiday season, we can anticipate longer days on market, as many individuals prefer to avoid moving during this time of year. While the market still leans slightly in favor of sellers, the advantage has diminished and is edging closer to a balanced or buyer-friendly market.
TRENDS
PHILADELPHIA, PENNSYLVANIA
Additional Market Data: List price and average sales price continued to increase. Also, it should be noted, the number of listings and sales closed are down this month.
MONTHLY MARKET TRENDS
SOUTH CENTRAL, PENNSYLVANIA
Additional Market Data: Often referred to as “Amish Country” this area includes the major cities of York, Harrisburg, Lancaster PA. Despite the rising interest rate environment, prices have remained stable. This month concludes with the highest quantity of new listings in a single month of 2024. This inventory was completely absorbed resulting in the highest amount of pending transactions in a single month of 2024. The cycle of low inventory with strong demand continues Seller concessions are non-existent REO sales are very minimal and have no impact on the market. REO sales are taking an extra 16 days to sell and are selling for a 33.78% discount compared to non-distressed properties.
MONTHLY MARKET TRENDS
DALLAS/FT WORTH, TEXAS
Additional Market Data: The Dallas-Fort Worth housing market is showing signs of a shift from the seller's market to a more balanced market, with a slight softening of home prices in some areas. However, the market remains strong, supported by a robust economy and continued population growth in the Dallas-Fort Worth area. Most of the metrics remained flat over October; however, the number of new listings is down about 25%, the average list price is down about 16% and days on market have increased by 15 days A recent change in several DFW school districts, allowing students outside of the district to attend, will have an impact on some areas in the next year or so.
MONTHLY MARKET TRENDS
HOUSTON, TEXAS
Additional Market Data: November didn't see much change in the numbers over October. The number of days on market continues to inch up a bit month over month; and there was a slight decrease in the number of closed sales. Houston's job market remains strong, which has a positive impact on housing. Homes in this market area have sold for more than 3.2% over last year.
MONTHLY MARKET TRENDS
SEATTLE/TACOMA, WASHINGTON
Additional Market Data: The overall real estate market in 2024 has been navigating unique challenges, with transaction volume hitting its lowest point since 1995. This decline reflects a combination of factors, including fluctuating mortgage rates, constrained inventory, and buyer hesitation due to economic uncertainty. However, there is reason for cautious optimism as we approach the new year. The Federal Reserve is set to meet next week, and many are hopeful they will maintain their posture of rate reductions or signal further easing. Lower borrowing costs could reignite demand and bring sidelined buyers back into the market, particularly as affordability improves. Additionally, the holiday season has driven a natural slowdown in inventory, with active listings down over 16% since October. This reduction in supply could help stabilize home prices and create opportunities for sellers entering the market in early 2025. While transaction volumes remain historically low, the underlying demand for housing in the Puget Sound region remains strong, fueled by robust job growth, especially in tech, and the area’s overall desirability. As we look ahead, the combination of a potential interest rate reprieve and the seasonal rebound in inventory could set the stage for a more balanced and active market in the coming months. Information provided for this market by Ed Laine
MONTHLY MARKET TRENDS
Additional Market Data: In November 2024, Washington, D.C.’s housing market exhibited distinct trends across various segments: Active listings increased by 23.26% year-overyear, totaling 2,879 homes in November 2024. Homes spent an average of 42 days on the market, up from 39 days in the same period last year. The high-end market is experiencing renewed interest, with significant transactions anticipated as political shifts bring new buyers to the area The increase in active listings suggests a shift toward a more balanced market, providing buyers with greater selection and potentially moderating price growth. Despite recent fluctuations, Washington, D.C. is projected to be among the top housing markets in 2025, with home sales expected to rise significantly.
