March data shows the largest share of
price reductions since 2019 with 34 out of the 50 largest metros
showing an uptick in drops
SANTA
CLARA, Calif., April 4,
2024 /PRNewswire/ -- According to the
Realtor.com® March housing report, buyers are looking at
an optimistic mix of increasing inventory and an uptick in price
reductions going into the Spring season. In March, the percentage
of homes with price reductions increased to 15.0% - the largest
share in 5 years - and the total number of homes actively for sale
grew by 23.5% compared to last March (but remains well below pre
pandemic levels).
"Sellers are starting to warm up to the current environment,
wading into the market in increasing numbers despite market
mortgage rates that are likely above their existing rate, if they
have a mortgage. As a result, data shows surprisingly
competitive pricing trends among sellers, especially in the lead up
to this year's Best Time to Sell, which Realtor.com®
reported will be between April 14th -
20th," said Danielle Hale,
Chief Economist of Realtor.com®. "As seller optimism
swells, we may see even further inventory gains later in the season
that will likely create a more balanced environment for hopeful
homebuyers."
List of the 10 Metro Areas with Largest Share of Price
Reductions of Total Inventory
- Tampa-St. Petersburg-Clearwater, Fla. – 27.6%
- Phoenix-Mesa-Chandler,
Ariz. – 23.0%
- Austin-Round Rock-Georgetown, Texas – 22.3%
- Jacksonville, Fla. –
22.1%
- San Antonio-New Braunfels, Texas – 21.8%
- Orlando-Kissimmee-Sanford,
Fla. – 20.2%
- Portland-Vancouver-Hillsboro,
Ore.-Wash. – 20.1%
- Miami-Fort Lauderdale-Pompano Beach, Fla. – 19.7%
- Dallas-Fort Worth-Arlington, Texas – 19.5%
- Memphis, Tenn.-Miss.-Ark. –
19.3%
Across the country, price reductions were up compared with last
year. In the South it was up 3.5 percentage points, +1.0 percentage
points in the Midwest, +0.5 percentage points in the Northeast, and
+0.2 percentage points in the West.
Sellers Turned Out as Home Listing Activity Continued to
Climb
Between January 2024 and
March 2024, the inventory of homes
actively for sale was at its highest level since 2020. While
inventory looks to be on the upswing, it's important to note that
the market is still down 37.9% compared to pre-pandemic levels.
Like in February 2024, one price
range in particular has outpaced all other price categories as home
inventory between $200,000 and
$350,000 grew by 30.5% compared to
March 2023. A few metros experienced
huge gains in active inventory for sale including Tampa (+58.3%), Orlando (53.3%), and Miami (48.2%).
Median List Price is in Flux; Up from Last Month, But Not
Much has Changed from Last Year
The national median
list price increased from $415,500 to
$424,900 between February and
March 2024. But, when compared to
last year, the median list price only increased by 0.2% from
March 2023. In two weeks of March,
the median list price even dipped below last year's levels. Out of
the 50 largest metros, 18 saw their median list price decline
compared to last year including Miami (-8.4%), Oklahoma City (-8.3%), and San Francisco (-7.6%), while Los Angeles (+15.1%), Richmond (+11.8%), and Pittsburgh (+11.6%) saw the biggest
increases. As prices fluctuate, so do the requirements for
financing a home. With mortgage rates hovering between 6.6% and 7%
for the past three months, the cost of financing a home (assuming a
20% down payment) increased by $63
compared to last March.
March 2024 Housing Metrics –
National
Metric
|
Change over Mar
2023
|
Change over Mar
2019
|
Median listing
price
|
+0.2% (to
$422,700)
|
+38.9 %
|
Active
listings
|
+32.5 %
|
-37.7 %
|
New listings
|
+16.5 %
|
-17.2 %
|
Median days on
market
|
-2 days (to 50
days)
|
-15
days
|
Share of active
listings with price reductions
|
+2.2 percentage
points
(to 15.0%)
|
+0.0 percentage
points
|
Additional details and full analysis of the market inventory
levels, price reductions, fluctuations and stabilization can be
found in the Realtor.com® March Monthly Housing Report.
March 2024 Housing Overview of
the 50 Largest Metros, Ranked by Largest Price Reduction
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)
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$419,000
|
2.2 %
|
3.0 %
|
58.3 %
|
29.3 %
|
51
|
0
|
27.6 %
|
8.3 pp
|
Phoenix-Mesa-Chandler,
Ariz.
|
$535,000
|
7.1 %
|
4.1 %
|
16.9 %
|
9.7 %
|
49
|
-1
|
23.0 %
|
-2.0 pp
|
Austin-Round
Rock-Georgetown,
Texas
|
$550,000
|
0.0 %
|
2.0 %
|
15.8 %
|
19.0 %
|
40
|
-11
|
22.3 %
|
-4.5 pp
|
Jacksonville,
Fla.
|
$415,000
|
3.9 %
|
4.6 %
|
38.6 %
|
22.1 %
|
47
|
-5
|
22.1 %
|
4.6 pp
|
San
Antonio-New
Braunfels, Texas
|
$340,000
|
-1.9 %
|
-1.4 %
|
36.8 %
|
16.9 %
|
57
|
2.5
|
21.8 %
|
3.1 pp
|
Orlando-Kissimmee-Sanford,
Fla.
|
$439,000
|
-0.4 %
|
2.0 %
|
53.3 %
|
14.6 %
|
54
|
1
|
20.2 %
|
6.2 pp
|
Portland-Vancouver-Hillsboro,
Ore.-Wash.
|
$605,000
|
-1.6 %
|
2.2 %
|
26.7 %
|
7.7 %
|
45
|
1.5
|
20.1 %
|
9.7 pp
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
$549,000
|
-8.4 %
|
-3.6 %
|
48.2 %
|
16.6 %
|
58
|
-2
|
19.7 %
|
5.5 pp
|
Dallas-Fort
Worth-Arlington,
Texas
|
$440,000
|
-0.5 %
|
1.4 %
|
38.0 %
|
16.7 %
|
40
|
-5.5
|
19.5 %
|
3.5 pp
|
Memphis,
Tenn.-Miss.-Ark.
|
$327,000
|
2.5 %
|
2.3 %
|
38.2 %
|
16.1 %
|
51
|
-1.5
|
19.3 %
|
4.8 pp
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$559,000
|
6.0 %
|
6.9 %
|
9.3 %
|
3.6 %
|
32
|
-3
|
18.8 %
|
0.6 pp
|
New
Orleans-Metairie, La.
|
$329,000
|
-0.3 %
|
-0.5 %
|
27.7 %
|
-4.8 %
|
67
|
9
|
17.8 %
|
-0.6 pp
|
Oklahoma
City,
Okla.
|
$321,000
|
-8.3 %
|
-1.5 %
|
22.9 %
|
17.4 %
|
45
|
-5.5
|
17.2 %
|
5.2 pp
|
Denver-Aurora-Lakewood,
Colo.
|
$620,000
|
-5.4 %
|
2.6 %
|
48.1 %
|
19.4 %
|
30
|
3.25
|
17.2 %
|
4.1 pp
|
Houston-The
Woodlands-Sugar
Land, Texas
|
$363,000
|
0.7 %
|
1.3 %
|
23.5 %
|
20.1 %
|
43
|
-3.5
|
16.7 %
|
2.4 pp
|
Charlotte-Concord-Gastonia,
N.C.-S.C.
|
$410,000
|
2.1 %
|
5.8 %
|
19.9 %
|
1.2 %
|
38
|
-3.5
|
16.5 %
|
4.1 pp
|
Indianapolis-Carmel-Anderson,
Ind.
|
$330,000
|
5.5 %
|
5.8 %
|
23.5 %
|
8.3 %
|
42
|
-4.25
|
16.2 %
|
2.6 pp
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
$410,000
|
0.0 %
|
4.0 %
|
22.1 %
|
11.9 %
|
41
|
-5
|
15.7 %
|
2.6 pp
|
Columbus,
Ohio
|
$380,000
|
0.8 %
|
6.8 %
|
20.2 %
|
9.7 %
|
29
|
-0.5
|
14.2 %
|
2.0 pp
|
Las
Vegas-Henderson-Paradise, Nev.
|
$470,000
|
4.4 %
|
5.8 %
|
-33.1 %
|
8.4 %
|
38
|
-15
|
13.7 %
|
-6.4 pp
|
Louisville/Jefferson
County,
Ky.-Ind.
|
$315,000
|
2.3 %
|
3.6 %
|
14.5 %
|
5.9 %
|
40
|
4
|
13.6 %
|
0.6 pp
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$391,000
|
4.8 %
|
6.4 %
|
14.3 %
|
2.2 %
|
34
|
-4
|
13.2 %
|
2.3 pp
|
Birmingham-Hoover,
Ala.
|
$290,000
|
4.0 %
|
5.3 %
|
27.6 %
|
12.6 %
|
50
|
-1
|
13.1 %
|
-0.1 pp
|
Riverside-San
Bernardino-Ontario, Calif.
|
$599,000
|
7.1 %
|
7.1 %
|
7.5 %
|
15.2 %
|
47
|
-7
|
13.0 %
|
0.4 pp
|
Pittsburgh,
Pa.
|
$240,000
|
11.6 %
|
9.9 %
|
10.8 %
|
1.3 %
|
55
|
-9
|
12.9 %
|
0.8 pp
|
Baltimore-Columbia-Towson,
Md.
|
$335,000
|
-3.8 %
|
2.4 %
|
11.6 %
|
6.5 %
|
36
|
-7
|
11.3 %
|
1.1 pp
|
Raleigh-Cary,
N.C.
|
$450,000
|
0.0 %
|
5.9 %
|
6.1 %
|
18.1 %
|
42
|
-9.5
|
11.2 %
|
-1.5 pp
|
Kansas
City,
Mo.-Kan.
|
$425,000
|
-6.6 %
|
-4.0 %
|
8.1 %
|
20.7 %
|
51
|
-19.75
|
11.2 %
|
2.9 pp
|
Cincinnati,
Ohio-Ky.-Ind.
|
$350,000
|
-4.7 %
|
6.2 %
|
28.1 %
|
17.0 %
|
37
|
-1
|
11.1 %
|
3.0 pp
|
Sacramento-Roseville-Folsom,
Calif.
|
$635,000
|
1.3 %
|
4.2 %
|
16.9 %
|
32.5 %
|
36
|
-6.5
|
11.1 %
|
1.0 pp
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$350,000
|
6.6 %
|
7.2 %
|
-1.3 %
|
1.6 %
|
43
|
-6.5
|
11.0 %
|
0.0 pp
|
Cleveland-Elyria,
Ohio
|
$230,000
|
8.4 %
|
9.2 %
|
0.4 %
|
2.4 %
|
42
|
-1.5
|
11.0 %
|
1.5 pp
|
San
Diego-Chula
Vista-Carlsbad, Calif.
|
$998,000
|
5.1 %
|
11.1 %
|
26.3 %
|
25.9 %
|
32
|
-5
|
10.9 %
|
1.2 pp
|
St.
Louis,
Mo.-Ill.
|
$292,000
|
4.7 %
|
4.8 %
|
14.2 %
|
4.9 %
|
39
|
-7.5
|
10.3 %
|
0.8 pp
|
Detroit-Warren-Dearborn,
Mich.
|
$240,000
|
1.2 %
|
1.7 %
|
3.6 %
|
4.1 %
|
42
|
-3.5
|
9.8 %
|
-2.3 pp
|
Boston-Cambridge-Newton,
Mass.-N.H.
|
$880,000
|
6.9 %
|
10.0 %
|
0.9 %
|
7.3 %
|
24
|
-4
|
9.7 %
|
1.3 pp
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$445,000
|
-1.4 %
|
-0.2 %
|
24.3 %
|
16.8 %
|
34
|
-4
|
9.5 %
|
2.3 pp
|
Richmond,
Va.
|
$450,000
|
11.8 %
|
8.7 %
|
8.8 %
|
-9.4 %
|
44
|
3
|
9.1 %
|
1.3 pp
|
Los
Angeles-Long
Beach-Anaheim, Calif.
|
1150000
|
15.1 %
|
8.1 %
|
5.4 %
|
17.8 %
|
42
|
-3.5
|
9.0 %
|
-0.4 pp
|
Seattle-Tacoma-Bellevue,
Wash.
|
$768,000
|
-2.7 %
|
1.4 %
|
20.3 %
|
19.5 %
|
29
|
-3
|
8.7 %
|
-0.8 pp
|
Washington-Arlington-Alexandria,
DC-Va.-Md.-W.
Va.
|
$604,000
|
0.8 %
|
6.6 %
|
2.2 %
|
3.2 %
|
31
|
-3
|
8.7 %
|
0.9 pp
|
San
Francisco-Oakland-Berkeley, Calif.
|
$999,000
|
-7.6 %
|
-1.2 %
|
13.4 %
|
21.7 %
|
27
|
-6.5
|
8.6 %
|
-0.3 pp
|
Milwaukee-Waukesha,
Wis.
|
$365,000
|
-0.3 %
|
5.2 %
|
9.9 %
|
12.4 %
|
29
|
-3.5
|
7.9 %
|
0.7 pp
|
Chicago-Naperville-Elgin,
Ill.-Ind.-Wis.
|
$375,000
|
6.4 %
|
7.3 %
|
-7.7 %
|
2.0 %
|
33
|
-7
|
7.8 %
|
-1.8 pp
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
$760,000
|
8.8 %
|
15.2 %
|
-4.3 %
|
2.6 %
|
50
|
-5
|
6.8 %
|
-0.4 pp
|
Providence-Warwick,
R.I.-Mass.
|
$500,000
|
-2.8 %
|
-1.7 %
|
0.1 %
|
12.1 %
|
35.5
|
-5.75
|
6.3 %
|
0.6 pp
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
1481000
|
-0.9 %
|
1.1 %
|
2.2 %
|
21.5 %
|
22
|
-5
|
5.8 %
|
-1.6 pp
|
Buffalo-Cheektowaga,
N.Y.
|
$270,000
|
9.7 %
|
9.6 %
|
4.2 %
|
3.7 %
|
38
|
-6.5
|
5.3 %
|
-0.3 pp
|
Hartford-East
Hartford-Middletown, Conn.
|
$400,000
|
-0.7 %
|
4.7 %
|
6.1 %
|
6.5 %
|
37
|
8
|
5.1 %
|
0.6 pp
|
Rochester,
N.Y.
|
$280,000
|
8.7 %
|
7.1 %
|
-4.0 %
|
9.0 %
|
22
|
-2
|
4.3 %
|
-2.5 pp
|
Methodology
The Realtor.com housing report is based on
data from March 2024. Listings
include the active inventory of existing single-family homes and
condos/townhomes/row homes/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-202003).
About Realtor.com®
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is an open real estate marketplace built for everyone.
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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®.
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