RE/MAX National Housing Report for December 2024

Home stretch of 2023 features familiar end-of-year dynamics

New Listings

Of the 52 metro areas surveyed in December 2023, the number of newly listed homes was down 24.3% compared to November 2023 and up 2.7% compared to December 2022. The markets with the biggest decrease in year-over-year new listings percentage were Manchester, NH at -31.3%, Anchorage, AK at -18.1%, and Indianapolis, IN at -13.7%. The markets with the biggest year-over-year increase in new listings percentage were Bozeman, MT at +75.6%, Houston, TX at +22.0%, and Phoenix, AZ at +19.6%.

Closed Transactions 

Of the 52 metro areas surveyed in December 2023, the overall number of home sales was down 2.3% compared to November 2023 and down 7.3% compared to December 2022. The markets with the biggest decrease in year-over-year sales percentage were Providence, RI at -18.4%, Boston, MA at -17.9%, and Cleveland, OH at -17.2%. The markets with the biggest increase in year-over-year sales percentage were Coeur d’Alene, ID at +20.7%, Burlington, VT at +9.5%, and Richmond, VA at +6.8%.

Median Sales Price 

In December 2023, the median of all 52 metro area sales prices was $400,000, down 1.2% compared to November 2023 and up 3.9% from December 2022. The markets with the largest year-over-year decrease in median sales price were New Orleans, LA at -6.3%, Coeur d’Alene, ID at -3.7%, and Charlotte, NC at -2.3%. The markets with the largest year-over-year increase in median sales price were Trenton, NJ at +19.6%, Hartford, CT at +15.8%, and Baltimore, MD at +12.6%.

Close-to-List Price Ratio 

In December 2023, the average close-to-list price ratio of all 52 metro areas in the report was 98%, down from 99% in November 2023 and flat compared to December 2022. 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 95%, followed by a three-way tie between Bozeman, MT, Coeur d’Alene, ID, and New Orleans, LA at 96%. The metro areas with the highest close-to-list price ratios were Hartford, CT at 102%, followed by a four-way tie between Burlington, VT, Manchester, NH, San Francisco, CA, and Trenton, NJ at 101%.

Days on Market 

The average days on market for homes sold in December 2023 was 47, up seven days compared to the average in November 2023 and flat compared to December 2022. The metro areas with the lowest days on market were Baltimore, MD at 17, Washington, DC at 19, and Philadelphia, PA at 21. The highest days on market averages were in Coeur d’Alene, ID at 94, Fayetteville, AR at 81, and Des Moines, IA at 77. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory 

The number of homes for sale in December 2023 was down 10.4% from November 2023 and down 0.7% from December 2022. Based on the rate of home sales in December 2023, the months’ supply of inventory was 2.5, down from 2.6 in November 2023 and flat compared to December 2022. In December 2023, the markets with the lowest months’ supply of inventory were Trenton, NJ at 0.7, Seattle, WA at 0.9, followed by a tie between Manchester, NH and Washington, DC at 1.1. The markets with the highest months’ supply of inventory were Bozeman, MT at 5.4, San Antonio, TX at 5.3, and Miami, FL at 5.2.

A More Detailed Look...

December 2023 exhibited a traditional end-of-year slowing in housing market activity, punctuated by many similarities to December 2022.

Three metrics showed no change year over year:

Other results included:

Two metrics made year-over-year gains in December across the 52 metro areas surveyed:

“There are many reasons to be encouraged about housing in 2024. The high mortgage rates and inventory lows of 2023 definitely made for a challenging market, but December data shows some positive signs for the new year,” said RE/MAX, LLC President and CEO Nick Bailey. “If new construction starts increase along with mortgage rates dropping, move-up buyers may start to explore their options, making room for new buyers. We believe there is a lot of pent-up demand, especially among younger people.”

Christopher Arienti, Broker/Owner of RE/MAX Executive Realty outside of Boston, MA agrees that it feels like there’s a new momentum to the market. "The Boston Metro market definitely saw its share of difficulty in 2023. Transactions were down almost 20% in most areas as folks reacted to the higher interest rates. The good news: As the mortgage rates came down at the end of 2023, agents and homebuyers entered our 2024 market with more optimism. If the buyers pool remains strong, our spring market could be exciting – and you can feel the excitement among our agents.”

About the RE/MAX Network

The RE/MAX National Housing Report is distributed each month on or about the 15th. The first Report was distributed in August 2008. The Report is based on MLS data in approximately 53 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. Metro area definitions include the specific counties established by the U.S. Government’s Office of Management and Budget, with some exceptions.

Definitions

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 (pended) during the month. Where “pended” data is unavailable, this calculation is made using closed transactions. Days on Market is the number of days that pass from the time a property is listed until the property goes under contract for all residential properties sold during the month. Median Sales Price is the median of the median sales prices in each of the metro areas included in the survey.  


MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month the RE/MAX National Housing Report re-calculates the previous period’s data to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.