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 affordabilitymay 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…
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