November 2024 Real Estate Market Report
November 2024 Real Estate Market Report
We are starting to come into the quieter real estate buying and selling season with the holidays just around the corner. Let's take a dive into the real estate data to see how the market is trending.
Months Supply of Inventory is sitting at a low 2.09. We need to be somewhere between 3 and 6 months to get back to a more equilibrium market. Generally we would see prices continuing to rise with this low of inventory, but with rates staying in the high 6's, it has kept prices a little more stabilized.
12-Month Change in Months of Inventory has increased by 20.1%. We were on a trend of increasing inventory but rates jumped and inventory dropped. It is common to see inventory come down this time of year as we get into the holidays. Inventory can really be different from city to city and neighborhood to neighborhood. I would drill down and look specifically at the inventory in the city and neighborhood you are interested in.
Median Days Homes are On the Market is up to 18 days, up 4 days from the previous month. This quick turnover time suggests that homes are selling fast in this market, making it a great time for sellers to list their properties. We would need to be closer to 60 to 90 days on the market to be more balanced.
Although sold data shows only 18 days on the market, current listings have been on the market for 42 days and trending upward. Which tells us inventory is sitting quite a bit longer all of a sudden. Is this because homes are coming on the market listed too high? Did rates all of a sudden jump? Both may be true.
List to Sold Price Percentage is 100.36%. We can see that homes are generally selling for their last asking price. Which means the house could have started out listed higher and they had to drop their price to get an offer. You need to look at the historical listing data on the individual home to see the exact story on that.
Median Sold Price is $1,175,000. That's 7.8% higher than a year ago but down 3.8% from June. We will are starting to see a little bit of a trend.
Mortgage Rates Info
- For today, Tuesday, November 12, 2024, the current average 30-year fixed mortgage interest rate is 6.90%, decreasing 3 basis points from a week ago.
- For homeowners looking to refinance, today's current average 30-year fixed refinance interest rate is 6.87%, down 4 basis points over the last week.
- Meanwhile, today's national average 15-year fixed refinance interest rate is 6.21%, increasing 1 basis point over the last week.
- For now, the consensus is that mortgage rates will ease down in 2024.
Conclusion
The market seems to be changing weekly based on many moving pieces like mortgage rates, housing inventory, and inflation. Homes that are priced competitively will sell within a couple of weeks. Homes that are priced higher than the market will bear will sit on the market longer. To understand what is going on in your neighborhood simply send me a quick message and I will prepare a market report specifically for your needs.
