What’s the latest snapshot on the 2024 housing market compared to this time
last year?
Hi, I’m Terry Tucker with eXp Realty. I love helping people sell and buy homes right here in the San Ramon Valley and all over the San Francisco Bay Area!
Let’s break it down and recap the latest statistics. In September, we saw the Feds take a slight interest rate cut, the first time in four years, which helped out mortgage rates. Because of this, we saw an uptick in market activity as buyer power increased. According to chief economist Haley Jones from Realtor.com, recent rate improvements have boosted home shopper buying power by more than $74,000 compared to 2023 when rates were peaking close to 8%. Meaning a buyer can afford a home priced $74,000 higher today than this time last year for the same housing payment. Nationally, the median list price is at $429,900
down about 1% from this time last year. We are also seeing more inventory on the market, with the number of listings up 33.2% compared to last year. Data is showing sellers and buyers both taking advantage of the lower mortgage rates and increased inventory. More sellers are listing their homes due to the increase in buyer activity and there is more buyer demand due to the slight improvement in housing affordability. This trend is expected to continue into 2025. Nationally, we are seeing the average days on market for a typical home about 53 days. This is slightly up from this time last year when average days on market were at 45 days nationally. So as we get closer to 2025, what trends should we see compared to this year? According to the experts, we should continue to see mortgage rates come down further, home prices to rise slightly at a slower pace and better affordability for buyers. This is good news for both buyers and sellers.
If you would like more information on your neighborhood’s real estate data and learn more about what’s really going on, call me today and let’s talk about it! I’m a seasoned East Bay expert with a 5-Star rating. I’ll help you navigate the market and make it happen, whether that’s selling or buying or both!
And if you or someone you know needs to sell a home, ask me about my home-selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms apply. I’m Terry Tucker and I’m a home selling expert. Let’s get you going, Call me today!
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