Data Showed a 2.8% Increase in Newly Listed
Homes for Sale Compared to the Same Time Last Year
SANTA
CLARA, Calif., Feb. 1, 2024
/PRNewswire/ -- Sellers became more eager this January as new data
indicated they're getting ready to sell, if not already there. The
number of homes actively for sale was notably higher compared to
last year, growing by 7.9%, according to the
Realtor.com® January Housing Report released today.
With the rise in inventory, median listing prices remained
relatively stable, experiencing a growth of 1.4% compared to the
same time last year, while time spent on market dropped to more
than two weeks shorter than pre-pandemic levels.
"We are seeing increases in inventory and, importantly, gains in
newly listed homes for sale indicating sellers are more ready to
make moves. Time on market fell, signaling that buyers are ready to
make offers on these new options," said Danielle Hale, Chief Economist of
Realtor.com®. "While the drop in mortgage rates since
last fall has helped boost buyer purchasing power, rates may not
fall as quickly in the months ahead, and the anticipated
improvement in affordability may be more uneven."
January 2024 Housing Metrics –
National
Metric
|
Change over Jan
2023
|
Change over Jan
2019
|
Median listing
price
|
+1.4% (to
$410,000)
|
+41.5 %
|
Active
listings
|
+7.9 %
|
-40.1 %
|
New listings
|
+2.8 %
|
-26.0 %
|
Median days on
market
|
-4 days (to 69
days)
|
-13
days
|
Share of active
listings with price reductions
|
-1.3 percentage
points
(to 14.7%)
|
-1.4 percentage
points
|
|
New Listings Increase
In January, more than half
of the 50 metros included in the analysis saw new listings increase
over the previous year, with some of the largest growth happening
in Denver (+21.3%), Seattle (+20.6%) and Miami (+20.2%). On the flip side, there were
places that also saw declines in new listings including
Chicago (-16.4%), New Orleans (-14.7%), and Philadelphia (-12.9%).
Grab 'em While They're Hot
Compared to
January 2023, the typical home spent
four less days on the market. In some spots, the time spent on the
market decreased even more with Las
Vegas (-19 days), Phoenix
(-14 days) and San Francisco (-13
days) seeing the most decline. Other areas saw an increase in time
on market including Indianapolis
(+6 days), New Orleans (+4 days),
and Birmingham, Ala. (+3 days).
Only a handful of markets saw an increase over the typical
2017-2019 pre-pandemic time on market. These include the major west
coast tech hub of San Francisco
(+9 days), as well as Seattle (+9
days), Denver (+7 days),
Portland, Ore. (+4 days),
Austin, Texas (+3 days),
San Antonio (+3 days),
Los Angeles (+3 days) and
San Jose, Calif. (+1
day).
Listing Price Inches Higher
Buyers are looking
at slight price increases and higher mortgage rates compared to
last January. The cost of financing the typical home, assuming a
20% down payment, increased by roughly $108 (5.4%) per month compared to a year ago.
With this increase, the required household income to purchase the
median-priced home went up by $4,300
to $84,000, before accounting for the
cost of tax and insurance. However, as interest rates are falling
and listing prices growth has remained muted, the increase in the
monthly cost to purchase a home has slowed, down from 6.1%
year-over-year last month to January's increase of 5.4%.
Additional details and full analysis of the market inventory
levels, price fluctuations and stabilization, as well as days on
market tallies can be found in the
Realtor.com® January Monthly Housing Report.
January 2024 Housing Overview
by Top 50 Largest Metros
Metro
Area
|
Median Listing
Price
|
Median Listing Price
YoY
|
Median Listing Price
per Sq. Ft. YoY
|
Active Listing Count
YoY
|
New Listing Count
YoY
|
Median Days on
Market
|
Median Days on
Market Y-Y (Days)
|
Price Reduced
Share
|
Price
Reduced Share Y-Y (Percentage Points)
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
$410,000
|
2.5 %
|
4.0 %
|
1.8 %
|
6.2 %
|
56
|
-10
|
15.9 %
|
-3.0 pp
|
Austin-Round
Rock-Georgetown, Texas
|
$545,000
|
4.4 %
|
3.0 %
|
2.0 %
|
-11.5 %
|
77
|
-2
|
22.1 %
|
-9.3 pp
|
Baltimore-Columbia-Towson, Md.
|
$328,000
|
2.3 %
|
5.6 %
|
-4.6 %
|
-3.0 %
|
53
|
-4
|
12.3 %
|
-1.5 pp
|
Birmingham-Hoover,
Ala.
|
$285,000
|
5.5 %
|
5.8 %
|
16.0 %
|
2.7 %
|
71
|
3
|
14.3 %
|
-1.6 pp
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$810,000
|
6.6 %
|
11.3 %
|
-8.9 %
|
-3.6 %
|
53
|
-8
|
8.9 %
|
-1.3 pp
|
Buffalo-Cheektowaga,
N.Y.
|
$240,000
|
6.7 %
|
8.5 %
|
-1.7 %
|
-12.6 %
|
68
|
-3
|
6.1 %
|
-1.5 pp
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$400,000
|
1.3 %
|
5.7 %
|
-5.9 %
|
7.4 %
|
59
|
-8
|
17.0 %
|
-2.2 pp
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$350,000
|
7.0 %
|
6.3 %
|
-18.2 %
|
-16.4 %
|
56
|
-5
|
9.4 %
|
-2.1 pp
|
Cincinnati,
Ohio-Ky.-Ind.
|
$330,000
|
0.7 %
|
6.1 %
|
19.5 %
|
10.0 %
|
54
|
-1
|
13.7 %
|
1.3 pp
|
Cleveland-Elyria,
Ohio
|
$215,000
|
13.1 %
|
9.2 %
|
-4.4 %
|
-4.9 %
|
58
|
-2
|
14.7 %
|
1.0 pp
|
Columbus,
Ohio
|
$370,000
|
6.3 %
|
6.8 %
|
12.3 %
|
3.4 %
|
55
|
0
|
17.5 %
|
-1.3 pp
|
Dallas-Fort
Worth-Arlington, Texas
|
$431,000
|
-0.7 %
|
1.5 %
|
7.6 %
|
2.9 %
|
63
|
-2
|
19.3 %
|
-3.4 pp
|
Denver-Aurora-Lakewood,
Colo.
|
$600,000
|
0.0 %
|
6.4 %
|
11.4 %
|
21.3 %
|
63
|
-2
|
15.1 %
|
-1.9 pp
|
Detroit-Warren-Dearborn, Mich.
|
$229,000
|
1.0 %
|
2.3 %
|
-13.5 %
|
-1.3 %
|
50
|
-12
|
10.8 %
|
-5.8 pp
|
Hartford-East
Hartford-Middletown, Conn.
|
$394,000
|
5.7 %
|
6.8 %
|
-5.1 %
|
-8.1 %
|
52
|
-4
|
6.9 %
|
0.7 pp
|
Houston-The
Woodlands-Sugar Land, Texas
|
$359,000
|
1.1 %
|
2.0 %
|
9.7 %
|
7.9 %
|
59
|
-5
|
15.5 %
|
-2.5 pp
|
Indianapolis-Carmel-Anderson, Ind.
|
$310,000
|
7.0 %
|
6.8 %
|
6.6 %
|
-3.9 %
|
67
|
6
|
18.1 %
|
0.5 pp
|
Jacksonville,
Fla.
|
$405,000
|
5.2 %
|
5.4 %
|
8.5 %
|
9.8 %
|
66
|
-7
|
20.9 %
|
-2.8 pp
|
Kansas City,
Mo.-Kan.
|
$418,000
|
-3.4 %
|
-1.2 %
|
-1.5 %
|
-8.5 %
|
76
|
-6
|
10.9 %
|
-0.4 pp
|
Las
Vegas-Henderson-Paradise, Nev.
|
$460,000
|
4.5 %
|
5.2 %
|
-42.9 %
|
-7.0 %
|
59
|
-19
|
14.1 %
|
-11.6 pp
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,100,000
|
17.2 %
|
9.9 %
|
-13.3 %
|
13.6 %
|
57
|
-11
|
8.2 %
|
-3.4 pp
|
Louisville/Jefferson
County, Ky.-Ind.
|
$308,000
|
3.2 %
|
5.1 %
|
7.4 %
|
-10.4 %
|
53
|
-2
|
15.7 %
|
-1.7 pp
|
Memphis,
Tenn.-Miss.-Ark.
|
$320,000
|
-1.4 %
|
3.5 %
|
28.8 %
|
-4.8 %
|
73
|
2
|
18.4 %
|
0.6 pp
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
$565,000
|
-5.1 %
|
1.1 %
|
25.4 %
|
20.2 %
|
68
|
-4
|
18.2 %
|
2.6 pp
|
Milwaukee-Waukesha,
Wis.
|
$342,000
|
-2.3 %
|
1.0 %
|
4.6 %
|
-9.1 %
|
46
|
-9
|
10.2 %
|
-4.1 pp
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$425,000
|
1.4 %
|
1.3 %
|
6.6 %
|
15.2 %
|
57
|
-3
|
9.1 %
|
-1.3 pp
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$560,000
|
10.0 %
|
6.3 %
|
-4.7 %
|
-7.9 %
|
46
|
-7
|
14.9 %
|
-4.9 pp
|
New Orleans-Metairie,
La.
|
$325,000
|
0.0 %
|
0.2 %
|
28.5 %
|
-14.7 %
|
84
|
4
|
17.5 %
|
-0.7 pp
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$742,000
|
11.9 %
|
17.3 %
|
-12.2 %
|
-4.3 %
|
79
|
-3
|
6.9 %
|
-1.6 pp
|
Oklahoma City,
Okla.
|
$320,000
|
-5.7 %
|
-0.5 %
|
16.3 %
|
1.6 %
|
59
|
-5
|
19.5 %
|
3.4 pp
|
Orlando-Kissimmee-Sanford, Fla.
|
$435,000
|
1.3 %
|
2.6 %
|
27.3 %
|
9.5 %
|
66
|
-6
|
20.3 %
|
-0.8 pp
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$337,000
|
4.8 %
|
6.1 %
|
-9.6 %
|
-12.9 %
|
66
|
-2
|
11.6 %
|
-2.0 pp
|
Phoenix-Mesa-Chandler,
Ariz.
|
$535,000
|
11.6 %
|
4.1 %
|
-15.3 %
|
-3.4 %
|
60
|
-14
|
23.1 %
|
-8.0 pp
|
Pittsburgh,
Pa.
|
$235,000
|
17.5 %
|
13.5 %
|
3.5 %
|
6.9 %
|
79
|
-7
|
15.0 %
|
-0.9 pp
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$604,000
|
1.1 %
|
3.3 %
|
11.8 %
|
5.0 %
|
71
|
-1
|
11.6 %
|
-5.1 pp
|
Providence-Warwick,
R.I.-Mass.
|
$505,000
|
6.3 %
|
1.0 %
|
-9.5 %
|
2.8 %
|
54
|
1
|
8.0 %
|
-2.1 pp
|
Raleigh-Cary,
N.C.
|
$440,000
|
-1.3 %
|
5.1 %
|
-17.1 %
|
2.3 %
|
63
|
-11
|
11.6 %
|
-6.5 pp
|
Richmond,
Va.
|
$443,000
|
16.2 %
|
8.1 %
|
4.6 %
|
1.5 %
|
61
|
2
|
8.3 %
|
-1.8 pp
|
Riverside-San
Bernardino-Ontario, Calif.
|
$585,000
|
4.5 %
|
7.5 %
|
-11.8 %
|
16.1 %
|
64
|
-10
|
12.4 %
|
-4.1 pp
|
Rochester,
N.Y.
|
$247,000
|
6.0 %
|
7.5 %
|
-8.2 %
|
-0.4 %
|
33
|
-10
|
6.7 %
|
-1.1 pp
|
Sacramento-Roseville-Folsom, Calif.
|
$630,000
|
5.9 %
|
4.9 %
|
-19.5 %
|
14.3 %
|
55
|
-12
|
11.4 %
|
-5.0 pp
|
San Antonio-New
Braunfels, Texas
|
$336,000
|
-3.3 %
|
-0.5 %
|
24.4 %
|
15.7 %
|
76
|
-3
|
21.5 %
|
-1.5 pp
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
$977,000
|
8.0 %
|
14.2 %
|
-5.7 %
|
18.8 %
|
43
|
-11
|
10.0 %
|
-2.1 pp
|
San
Francisco-Oakland-Berkeley, Calif.
|
$944,000
|
-3.5 %
|
-1.0 %
|
-9.6 %
|
18.2 %
|
49
|
-13
|
7.0 %
|
-3.7 pp
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,288,000
|
-4.5 %
|
-4.4 %
|
-19.1 %
|
9.0 %
|
42
|
-12
|
5.1 %
|
-4.0 pp
|
Seattle-Tacoma-Bellevue, Wash.
|
$749,000
|
3.1 %
|
6.5 %
|
-9.7 %
|
20.6 %
|
59
|
-6
|
7.9 %
|
-7.5 pp
|
St. Louis,
Mo.-Ill.
|
$277,000
|
2.8 %
|
3.4 %
|
9.4 %
|
-3.4 %
|
59
|
-5
|
13.4 %
|
-0.7 pp
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$419,000
|
4.9 %
|
6.3 %
|
20.1 %
|
12.0 %
|
64
|
-1
|
25.0 %
|
-1.1 pp
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$375,000
|
2.2 %
|
6.6 %
|
4.3 %
|
-1.9 %
|
50
|
-3
|
14.8 %
|
1.5 pp
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$590,000
|
3.8 %
|
6.4 %
|
-13.3 %
|
-5.0 %
|
53
|
-6
|
9.1 %
|
-3.1 pp
|
|
Methodology
Realtor.com® housing data as of
January 2024. Listings include the
active inventory of existing single-family homes and
condos/townhomes/rowhomes/co-ops for the given level of geography
on Realtor.com®; new construction is excluded unless
listed via an MLS that provides listing data to
Realtor.com®. Realtor.com® data history goes
back to July 2016. 50 largest U.S.
metropolitan areas as defined by the Office of Management and
Budget (OMB). With the publication of the January 2023 data, metro-level data has reverted
to the prior OMB metro area definitions, published March 2020, and historical data has been revised
to be consistent over time. Realtor.com® plans to adopt
the July 2023 vintage definitions
after other data providers have, so geographies are consistent with
commonly used 3rd party sources. For example, the American
Community Survey plans to update with the release of its 2023
estimates.
About Realtor.com®
Realtor.com®
is an open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real estate
more than 25 years ago. Today, through its website and mobile apps,
Realtor.com® is a trusted guide for consumers,
empowering more people to find their way home by breaking down
barriers, helping them make the right connections, and creating
confidence through expert insights and guidance. For professionals,
Realtor.com® is a trusted partner for business growth,
offering consumer connections and branding solutions that help them
succeed in today's on-demand world. Realtor.com® is
operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. For more information, visit
Realtor.com®.
Media Contact
press@move.com
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