So, How’s the Market? 2024 Wrap up, 2025 Predictions

I know we are into February, but we were gathering all of the end-of-year data and putting this really cool report together for you. The end of 2024 a 1.59% increase in sold homes over the previous year. At the same time, we had a 44.1% increase in standing inventory. The median price of a single family home in ceased, while the median price of an attached home decreased. Another notable difference was the increase in time homes spent on the market. We had a 25% increase for single family homes, and a 33% increase for attached homes. Overall, pricing has largely flattened across the board. This is largely due to the fact that sellers are having to come to the table willing to help buyers with concessions for rate buy downs and inspection items.

What does all of this mean for 2025? We expect to continue to see an increase in inventory to 10,000-12,000 units available. While mortgage rates will likely improve slightly, the majority of that will be towards the end of the year. Buyers waiting for lower rates will likely be waiting themselves out of the market. Buyers in 2025 expect sellers to provide competitive term and attractive price packages. Homes that are overpriced, or refuse to budge on terms will sit longer on the market, and may not sell at all.