As we bid adieu to 2023, let's dive into the state of the housing market, which, spoiler alert, is looking quite lively as we step into 2024!
So, what's the scoop? Well, inventory is giving us a little more wiggle room, increasing steadily over last year. This means buyers might just find that extra choice they've been looking for this spring. And guess what? Sales rates are on the rise too, with more homes going under contract each week compared to last year. It's a classic case of supply and demand dancing in sync.
Now, let's talk about home prices. They're creeping up, but don't panic! It's not the wild ride we saw during the pandemic. Prices are stabilizing, indicating a healthy market with plenty of buyers at current prices and mortgage rates.
However, it's not all sunshine and rainbows. While a thriving market is great, it also continues the affordability crisis. Many would-be buyers are still watching from the sidelines, priced out of their dream homes. Despite the buzz in sales and inventory, the affordability crisis doesn't seem to be letting up anytime soon. Lower mortgage rates might seem like a savior, but remember, they also mean more competition, potentially pushing prices even higher.
As we closed 2023, there were 513,000 single-family homes on the market. A slight dip for the holidays, but hey, it's almost 5% more than the end of 2022. Sellers are slowly but surely coming back, inching us away from the seller drought of 2023. With mortgage rates staying elevated, more people are finding themselves looking to sell, which means more options for buyers.
In the contract world, things are looking up too! We've finally crossed a growth threshold, with 258,000 single-family homes in contract, a 2.4% increase over last year. The last week of 2023 marked a little victory, signaling growth for 2024.
As for price reductions, they're hitting the “normal” range, with about 34.8% of homes taking a cut from the original list price. It's typical holiday behavior, but as we usher in the new year with fresh inventory, we expect these numbers to settle into a comfortable zone.
And finally, a glance at home prices: The median price of single-family homes in the US is now $415,000, marking a near 3% increase over last year. It's a sign of stability and growth, meaning equity gains for American homeowners.
As we look ahead, the indicators are all pointing towards a growing market. No signs of a downturn just yet. So, as we leap into 2024, let's keep our eyes on the market's pulse, ready to make the most of the opportunities it presents.
Here's to a prosperous year in real estate! Keep in touch for more updates and insights as we navigate these exciting times together.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, E + J.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
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