Have you been curious about the state of the housing market this 2024? Whether you’re planning to buy or sell, understanding the current trends in interest rates, housing prices, listings, and more is needed. Here’s a detailed recap that will help you understand the current housing market with ease and confidence.
The absorption rate for May 2024 was 1.99 months, just under two months, while the year-to-date number stands at 1.84 months. This figure is slightly higher compared to the absorption rate of about a month and a half this time last year. The absorption rate represents the time it would take to sell off all current inventory. Despite a minor increase in May, driven by the seasonal rise in listings during spring, the numbers remain low, indicating a strong market where homes continue to sell relatively quickly.
“The median list price in May 2024 was $325,000, up from $300,000 a year ago.”
The median list price in May 2024 was $325,000, up from $300,000 a year ago. Similarly, the median sales price for the month was $285,000, compared to $265,000 in May 2023. Year-to-date, the median sales price is $267,000, up from $250,000 last year. These figures show a steady increase in housing prices, reflecting strong demand and a competitive market.
In May 2024, the median days on market for homes was only eight days, with a year-to-date average of about 17 days. This is slightly longer than the 14 days average from a year ago. However, most homes, if priced correctly, tend to receive offers within a week. Outliers that skew these numbers slightly higher or lower are common, but overall, a well-priced home should not stay on the market long.
So, if you’re considering selling your home, we offer a fast cash option with no inspections, appraisals, or waiting on financing, providing you an offer on the spot. We can also help you understand what your house would fetch on the market. Remember, as Wayne Gretzky famously said, “You miss 100% of the shots you don’t take.” Don’t hesitate to give us a call or send us an email!
