Key Market Highlights for December 2024

Key Market Highlights for December 2024

Median Sold Prices on the Rise

• Single-Family Homes: The median sold price climbed to $555,307 in December 2024, reflecting a 4.8% increase from December 2023. This steady growth showcases the ongoing demand for single-family homes, even amidst changing market conditions.
• Condos and Townhomes: These properties saw an even more significant jump, with the median price reaching $434,366, up 11.4% from last December. Condos and townhomes continue to be an attractive option for buyers seeking affordability and low maintenance.

Homes Sold: A Strong Year-End Finish
A total of 2,924 homes were sold in December 2024, marking a 15.3% increase compared to the same period last year. Breaking it down further:

• Single-Family Homes: 2,057 units sold.
• Condos/Townhomes: 867 units sold.

This substantial rise in sales indicates robust buyer activity, even during what is typically a slower season.

Market Dynamics: Days on Market and Price Per Square Foot

Median Days on Market: Homes spent an average of 46 days on the market in December 2024, up slightly from 41 days in November. While properties are taking a bit longer to sell, this is still a competitive timeframe.

Median Price Per Square Foot: The median price per square foot reached $234.74, a metric that highlights the rising value of real estate in the area.

Residential Inventory: Steady Supply
New listings entered into the market in December remained stable compared to last year:

• 2024 Listings Entered: 2,568
• 2023 Listings Entered: 2,567

This balance in inventory helps create opportunities for both buyers and sellers as we head into 2025.

What These Numbers Mean for You

For Sellers:
With prices continuing to rise, now is a great time to list your home. Buyers remain active, and your property is likely to attract interest if it’s priced correctly.
Preparing your home for sale, including proper staging and professional photography, can help you stand out in a market where buyers have slightly more time to consider their options.

For Buyers:
Rising prices mean it’s essential to stay proactive and work closely with your real estate agent to find the best deals before they’re gone.
Condos and townhomes have shown strong appreciation, making them an excellent choice for first-time buyers or those looking to invest in properties with significant upside potential.

For Investors:
With strong year-over-year appreciation in both single-family and condo/townhome markets, now is a great time to evaluate opportunities to invest in properties with long-term value growth.

Closing Thoughts
The December 2024 housing market reflects a vibrant and growing real estate landscape. Whether you're buying or selling, understanding these trends will help you make informed decisions. As always, I'm here to guide you through every step of your real estate journey. If you’re curious about your home’s value or looking to make a move, don’t hesitate to reach out!

Let’s make 2025 your year for achieving real estate goals.