Newly listed homes increased by 11.6% YOY and
actively listed homes rose 33.9% YOY, according to
Realtor.com® September Housing Report
SANTA
CLARA, Calif., Oct. 3, 2024
/PRNewswire/ -- Sellers got moving as mortgage rates notably hit a
24-month low following the Federal Reserve's jumbo rate cut of 50
bps in September. According to the Realtor.com®
September Housing Report, newly listed homes increased by
11.6% compared to last September, yielding a significant reversal
from the 0.9% decrease in August
2024, while actively listed homes rose 34.0%.
"Sellers, especially those who are locked into a low rate, have
been waiting for market conditions to change. Now that we're seeing
mortgage rates down to their lowest levels in two years, there are
signs of movement, with more sellers putting homes on the market
even in what's typically a real estate shoulder season," said
Danielle Hale, Chief Economist,
Realtor.com®. "We expect mortgage rates to hold around
6% through the end of the year, which is a significant difference
from their 7.8% high in October 2023.
This has increased the buying power of many home shoppers and is a
bonus over and above the seasonal factors that make this time of
year the Best Time to Buy."
September 2024 Housing Metrics
– National
|
Metric
|
Change over Sept.
2023
|
Change over Sept.
2019
|
|
Median listing
price
|
-1.0% (to
$425,000)
|
+36.0 %
|
|
Active
listings
|
+34.0 %
|
-23.2 %
|
|
New listings
|
+11.6 %
|
-11.8 %
|
|
Median days on
market
|
+7 days (to 55
days)
|
-7
days
|
|
Share of active
listings with price reductions
|
+0.5 percentage
points
(to 18.4%)
|
-1.0 percentage
points
|
|
Median List Price Per
Sq.Ft.
|
+2.3 %
|
+50.8 %
|
Chiseling Away at the "Lock-in" Effect
For the past
few years, the real estate market has been plagued by the "lock-in"
effect, whereby homeowners, who are locked into a relatively low
mortgage rate, have been staying put, yielding a negative impact on
available inventory. In fact, as of mid-2024, 84% of outstanding
mortgages had a mortgage rate below 6%, and 56% had a rate below
4%. However, according to the Realtor.com® September
housing data, the number of new listings jumped on a year-over-year
basis, reaching the highest level for any September since 2021. The
jump could indicate that homeowner sentiment is shifting, with
larger numbers ready to get back into the market and sell. In fact,
markets where homes are more expensive saw the most growth in new
listings, perhaps because buyers in these areas see the biggest
impact from falling mortgage rates.
Metros with Highest Increase in New Listings in September 2024
|
Metro
|
% change in New
Listings count YoY
|
Median Listing
Price
|
|
Seattle-Tacoma-Bellevue, WA
|
41.8 %
|
$772,425
|
|
San
Jose-Sunnyvale-Santa Clara, CA
|
27.1 %
|
$1,432,170
|
|
Washington-Arlington-Alexandria,
DC-VA-MD-WV
|
26.2 %
|
$599,948
|
|
Denver-Aurora-Lakewood,
CO
|
25.5 %
|
$610,250
|
|
Boston-Cambridge-Newton, MA-NH
|
24.4 %
|
$839,900
|
|
Raleigh-Cary,
NC
|
24.2 %
|
$453,165
|
|
Los Angeles-Long
Beach-Anaheim, CA
|
22.6 %
|
$1,154,440
|
|
San Diego-Chula
Vista-Carlsbad, CA
|
21.5 %
|
$997,000
|
|
Providence-Warwick,
RI-MA
|
21.5 %
|
$567,500
|
|
Richmond, VA
|
20.1 %
|
$442,346
|
The Slowest September Since 2019
Generally,
buyers can look forward to not only an increase in inventory, but a
little less time constraint as homes stay on the market longer.
This September, the typical home spent 55 days on the market, which
is seven more days than last year and two more days than
August 2024. Compared to previous
years, September 2024 marked the
slowest one since 2019.
While the typical home on the market this September spent 55
days on the market, in certain metros that number is even higher. A
look at the top 50 metros shows a typical home in New Orleans spent 78 days on the market, an
increase of 13 days from last September. Rounding out the five
metros with the highest median days spent on market are
Miami (73 days), Austin (72 days), San Antonio (67 days), and Tampa (66 days). On the opposite end, the
metros that experienced the fastest movement include Milwaukee (31 days) followed by San jose (31
days), Boston (31 days),
Hartford (33 days), and
San Francisco (33 days).
Home Values Grow
An increase in price-per-square foot
indicates the growth in value of homes, and according to data in
September 2024, homes are seeing
sizable price growth compared to homes listed prior to the
pandemic. The median listing price per square foot increased by
2.3% year-over-year, but compared to September 2019, the price per square foot has
grown by 50.9%. In fact, among the top 50 metros, the price per
square foot growth rate ranged from 22.7% to 71.9%. Leading the way
is, perhaps not by surprise, the New
York metro area with a 71.9% increase in price per square
foot vs. September 2019. Followed by
Tampa (+63.6%), and Hartford (+62.3%). Markets which saw the
lowest return included San
Francisco (+22.7%), New
Orleans (+25.0%), and Birmingham (+26.7%).
"Generally speaking, relief is brewing. On the one hand, buyers
are seeing not only an increase in home listings but they're also
seeing homes spend more time on the market, which means more
options and less frenzy to buy," said Ralph
McLaughlin, Sr. Economist, Realtor.com®. "For
sellers, there's been positive movement in home value as
indications show an increase in price growth since before the
pandemic. And, all around, the decline in mortgage rates are
lowering the barrier to entry and encouraging people to get into
the market once again."
September 2024 Housing Overview
of the 50 Largest Metros
|
Metro
Area
|
Median Listing
Price
|
Median Listing Price
YoY
|
Median Listing Price
per Sq. Ft. YoY
|
Median Listing Price
vs September 2019
|
Median Listing Price
per Sq. Ft. vs September 2019
|
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
$414,560
|
-2.7 %
|
1.1 %
|
31.7 %
|
51.2 %
|
|
Austin-Round
Rock-Georgetown, Texas
|
$520,000
|
-6.6 %
|
-4.1 %
|
44.1 %
|
54.8 %
|
|
Baltimore-Columbia-Towson, Md.
|
$369,900
|
0.0 %
|
1.7 %
|
12.7 %
|
28.1 %
|
|
Birmingham-Hoover,
Ala.
|
$300,000
|
0.3 %
|
1.4 %
|
12.5 %
|
26.5 %
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$839,900
|
-1.1 %
|
0.7 %
|
42.5 %
|
59.7 %
|
|
Buffalo-Cheektowaga,
N.Y.
|
$277,450
|
6.8 %
|
6.8 %
|
34.5 %
|
44.9 %
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$430,000
|
1.2 %
|
2.0 %
|
26.7 %
|
57.3 %
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$379,900
|
1.3 %
|
2.9 %
|
19.3 %
|
33.3 %
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
$337,000
|
-9.5 %
|
3.3 %
|
24.9 %
|
50.7 %
|
|
Cleveland-Elyria,
Ohio
|
$262,213
|
9.3 %
|
14.0 %
|
32.5 %
|
48.4 %
|
|
Columbus,
Ohio
|
$377,450
|
-0.6 %
|
4.0 %
|
29.7 %
|
54.2 %
|
|
Dallas-Fort
Worth-Arlington, Texas
|
$439,450
|
-2.3 %
|
-0.1 %
|
27.4 %
|
43.3 %
|
|
Denver-Aurora-Lakewood,
Colo.
|
$610,250
|
-6.0 %
|
0.3 %
|
22.9 %
|
43.2 %
|
|
Detroit-Warren-Dearborn, Mich.
|
$277,000
|
5.7 %
|
5.0 %
|
13.7 %
|
31.9 %
|
|
Hartford-East
Hartford-Middletown, Conn.
|
$412,400
|
3.1 %
|
15.0 %
|
38.3 %
|
62.7 %
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
$370,000
|
0.0 %
|
-0.2 %
|
18.8 %
|
37.2 %
|
|
Indianapolis-Carmel-Anderson, Ind.
|
$324,950
|
-1.5 %
|
3.8 %
|
22.7 %
|
52.7 %
|
|
Jacksonville,
Fla.
|
$399,000
|
-6.1 %
|
-2.2 %
|
32.3 %
|
50.1 %
|
|
Kansas City,
Mo.-Kan.
|
$389,500
|
-8.4 %
|
-2.1 %
|
24.9 %
|
42.3 %
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
$477,250
|
-1.0 %
|
3.8 %
|
48.4 %
|
55.1 %
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,154,440
|
-1.7 %
|
1.9 %
|
37.8 %
|
47.7 %
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
$318,250
|
0.6 %
|
3.4 %
|
20.3 %
|
41.7 %
|
|
Memphis,
Tenn.-Miss.-Ark.
|
$336,225
|
8.5 %
|
0.0 %
|
45.4 %
|
60.9 %
|
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
$525,000
|
-12.4 %
|
-9.1 %
|
31.5 %
|
42.8 %
|
|
Milwaukee-Waukesha,
Wis.
|
$389,900
|
11.4 %
|
7.6 %
|
44.5 %
|
44.4 %
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$432,500
|
-2.8 %
|
0.9 %
|
26.1 %
|
32.0 %
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$547,865
|
-5.4 %
|
0.7 %
|
47.4 %
|
61.8 %
|
|
New Orleans-Metairie,
La.
|
$325,000
|
-3.0 %
|
-1.2 %
|
14.0 %
|
25.0 %
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$764,000
|
6.3 %
|
8.8 %
|
32.4 %
|
72.7 %
|
|
Oklahoma City,
Okla.
|
$314,950
|
-4.6 %
|
-0.5 %
|
24.7 %
|
40.9 %
|
|
Orlando-Kissimmee-Sanford, Fla.
|
$429,950
|
-5.6 %
|
-1.6 %
|
34.1 %
|
52.0 %
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$379,450
|
8.4 %
|
5.9 %
|
28.8 %
|
51.0 %
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
$519,850
|
-2.3 %
|
-0.5 %
|
35.3 %
|
51.4 %
|
|
Pittsburgh,
Pa.
|
$245,000
|
-1.5 %
|
5.2 %
|
22.9 %
|
29.9 %
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$604,890
|
-3.2 %
|
0.0 %
|
28.5 %
|
38.3 %
|
|
Providence-Warwick,
R.I.-Mass.
|
$567,500
|
3.2 %
|
6.1 %
|
49.6 %
|
47.1 %
|
|
Raleigh-Cary,
N.C.
|
$453,165
|
-1.4 %
|
2.3 %
|
23.3 %
|
51.3 %
|
|
Richmond,
Va.
|
$442,346
|
0.7 %
|
4.0 %
|
37.1 %
|
56.2 %
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
$599,000
|
3.5 %
|
2.2 %
|
45.1 %
|
58.0 %
|
|
Rochester,
N.Y.
|
$282,500
|
13.0 %
|
8.5 %
|
35.9 %
|
42.6 %
|
|
Sacramento-Roseville-Folsom, Calif.
|
$635,000
|
-2.3 %
|
0.7 %
|
29.7 %
|
37.7 %
|
|
San Antonio-New
Braunfels, Texas
|
$339,948
|
-2.8 %
|
-2.2 %
|
18.9 %
|
36.9 %
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
$997,000
|
-5.0 %
|
1.1 %
|
41.5 %
|
59.1 %
|
|
San
Francisco-Oakland-Berkeley, Calif.
|
$997,500
|
-8.9 %
|
-6.2 %
|
6.6 %
|
22.4 %
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,432,170
|
2.4 %
|
2.6 %
|
27.6 %
|
27.5 %
|
|
Seattle-Tacoma-Bellevue, Wash.
|
$772,425
|
-3.3 %
|
-0.4 %
|
31.0 %
|
47.8 %
|
|
St. Louis,
Mo.-Ill.
|
$299,900
|
7.1 %
|
7.1 %
|
34.6 %
|
31.3 %
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$414,948
|
-5.5 %
|
-2.7 %
|
47.6 %
|
63.6 %
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$390,000
|
2.8 %
|
5.0 %
|
33.8 %
|
44.6 %
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$599,948
|
-2.4 %
|
4.4 %
|
26.3 %
|
53.8 %
|
|
Metro
Area
|
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.
|
52.7 %
|
11.5 %
|
50
|
7
|
17.5 %
|
2.5 pp
|
|
Austin-Round
Rock-Georgetown, Texas
|
22.9 %
|
-1.4 %
|
72
|
14
|
25.0 %
|
-8.8 pp
|
|
Baltimore-Columbia-Towson, Md.
|
24.7 %
|
14.3 %
|
38
|
1
|
27.4 %
|
1.3 pp
|
|
Birmingham-Hoover,
Ala.
|
29.5 %
|
6.5 %
|
54
|
5
|
28.2 %
|
1.6 pp
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
29.8 %
|
24.4 %
|
31
|
0
|
16.5 %
|
1.4 pp
|
|
Buffalo-Cheektowaga,
N.Y.
|
13.9 %
|
6.8 %
|
40
|
1
|
10.8 %
|
1.6 pp
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
61.0 %
|
10.3 %
|
48
|
8
|
19.0 %
|
4.9 pp
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
13.8 %
|
5.2 %
|
36
|
-1
|
25.9 %
|
1.5 pp
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
34.5 %
|
4.4 %
|
38
|
6
|
25.9 %
|
2.2 pp
|
|
Cleveland-Elyria,
Ohio
|
11.6 %
|
-1.7 %
|
39
|
-1
|
17.3 %
|
2.3 pp
|
|
Columbus,
Ohio
|
39.2 %
|
6.6 %
|
37
|
7
|
21.9 %
|
3.9 pp
|
|
Dallas-Fort
Worth-Arlington, Texas
|
49.3 %
|
8.2 %
|
53
|
9
|
13.6 %
|
1.1 pp
|
|
Denver-Aurora-Lakewood,
Colo.
|
61.7 %
|
25.5 %
|
50
|
12
|
20.4 %
|
1.6 pp
|
|
Detroit-Warren-Dearborn, Mich.
|
16.5 %
|
11.6 %
|
39
|
-2
|
22.2 %
|
1.8 pp
|
|
Hartford-East
Hartford-Middletown, Conn.
|
13.5 %
|
10.0 %
|
33
|
-5
|
17.3 %
|
2.8 pp
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
29.9 %
|
6.3 %
|
48
|
4
|
18.5 %
|
-1.8 pp
|
|
Indianapolis-Carmel-Anderson, Ind.
|
23.8 %
|
6.3 %
|
45
|
6
|
17.0 %
|
-0.5 pp
|
|
Jacksonville,
Fla.
|
61.9 %
|
3.0 %
|
65
|
15
|
17.0 %
|
2.1 pp
|
|
Kansas City,
Mo.-Kan.
|
25.3 %
|
9.5 %
|
52
|
2
|
17.9 %
|
1.6 pp
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
47.3 %
|
15.9 %
|
44
|
1
|
9.4 %
|
5.1 pp
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
46.9 %
|
22.6 %
|
46
|
1
|
24.2 %
|
1.9 pp
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
31.4 %
|
5.7 %
|
38
|
6
|
23.3 %
|
0.7 pp
|
|
Memphis,
Tenn.-Miss.-Ark.
|
36.5 %
|
-0.6 %
|
62
|
16
|
15.7 %
|
-0.7 pp
|
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
67.9 %
|
10.3 %
|
73
|
15
|
26.2 %
|
3.5 pp
|
|
Milwaukee-Waukesha,
Wis.
|
7.8 %
|
9.1 %
|
31
|
1
|
20.1 %
|
3.0 pp
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
18.5 %
|
9.5 %
|
40
|
4
|
26.4 %
|
-0.6 pp
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
30.6 %
|
14.0 %
|
52
|
15
|
17.4 %
|
-5.6 pp
|
|
New Orleans-Metairie,
La.
|
19.4 %
|
-9.5 %
|
79
|
13
|
19.1 %
|
-2.6 pp
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
1.6 %
|
14.7 %
|
57
|
-3
|
14.7 %
|
1.0 pp
|
|
Oklahoma City,
Okla.
|
37.6 %
|
15.6 %
|
45
|
-1
|
15.5 %
|
3.5 pp
|
|
Orlando-Kissimmee-Sanford, Fla.
|
68.6 %
|
5.4 %
|
65
|
15
|
4.7 %
|
2.7 pp
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
14.1 %
|
7.7 %
|
45
|
0
|
20.1 %
|
1.1 pp
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
48.8 %
|
12.3 %
|
56
|
17
|
25.0 %
|
1.4 pp
|
|
Pittsburgh,
Pa.
|
21.2 %
|
9.0 %
|
50
|
-1
|
18.2 %
|
2.1 pp
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
27.9 %
|
14.7 %
|
58
|
13
|
13.6 %
|
5.6 pp
|
|
Providence-Warwick,
R.I.-Mass.
|
32.6 %
|
21.5 %
|
35
|
-1
|
11.2 %
|
8.9 pp
|
|
Raleigh-Cary,
N.C.
|
48.4 %
|
24.2 %
|
51
|
8
|
17.3 %
|
2.9 pp
|
|
Richmond,
Va.
|
27.6 %
|
20.1 %
|
43
|
1
|
17.2 %
|
3.0 pp
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
40.3 %
|
14.5 %
|
54
|
5
|
28.1 %
|
0.6 pp
|
|
Rochester,
N.Y.
|
16.6 %
|
8.2 %
|
38
|
21
|
21.5 %
|
-5.6 pp
|
|
Sacramento-Roseville-Folsom, Calif.
|
49.0 %
|
8.6 %
|
44
|
7
|
13.9 %
|
2.5 pp
|
|
San Antonio-New
Braunfels, Texas
|
22.3 %
|
-8.3 %
|
67
|
16
|
17.5 %
|
-1.1 pp
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
77.2 %
|
21.5 %
|
40
|
5
|
25.0 %
|
3.6 pp
|
|
San
Francisco-Oakland-Berkeley, Calif.
|
27.6 %
|
20.0 %
|
33
|
4
|
27.4 %
|
1.2 pp
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
39.3 %
|
27.1 %
|
31
|
2
|
28.2 %
|
0.4 pp
|
|
Seattle-Tacoma-Bellevue, Wash.
|
67.9 %
|
41.8 %
|
43
|
6
|
16.5 %
|
0.8 pp
|
|
St. Louis,
Mo.-Ill.
|
12.4 %
|
2.3 %
|
45
|
7
|
10.8 %
|
1.1 pp
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
74.0 %
|
-2.3 %
|
66
|
22
|
19.0 %
|
5.5 pp
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
26.4 %
|
5.2 %
|
41
|
5
|
25.9 %
|
4.7 pp
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
23.1 %
|
26.2 %
|
36
|
1
|
25.9 %
|
-0.2 pp
|
Methodology
Realtor.com housing data as of
September 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. The
50 largest U.S. metropolitan areas as defined by the Office of
Management and Budget (OMB-202003). With the release of its
September 2024 housing trends report,
Realtor.com® has restated data points for some previous months. As
a result of these changes, some of the data released since
September 2024 will not be directly
comparable with previous data releases (files downloaded before
September 2024) and Realtor.com®
economics research reports.
About Realtor.com®
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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
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Realtor.com® is a trusted partner for business growth,
offering consumer connections and branding solutions that help them
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operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. For more information, visit
Realtor.com®.
Media Contact
Asees Singh press@realtor.com
View original
content:https://www.prnewswire.com/news-releases/mortgage-lock-in-effect-shows-signs-of-easing-as-new-listings-increase-302265947.html
SOURCE Realtor.com