January 2024 Market Results

The January 2024 numbers are in.

The market picked up!

We saw over 3,200 listings hit the market which is nearly a 90% increase over last month. Pending sales are also up over 42% since December. The median close price is also up slightly, with a 2.73 increase over last month. Buyers on a $3,000 per month mortgage budget gained nearly $40,000 in purchasing power when rates dropped 1% since October. Buyer demand increased by almost 40% since October as well.

Year over year, we are up in nearly all metrics. There are more listings on the market in 2024 compared to 2023 which is great news for buyers! Average listings in January hovered around 12K (1985-2023), hit their highest in 2008 with nearly 25K listings, and their record low in 2022 with just under 1200 listings. We currently have just under 5K listings available for sale.

Sales volume and closed listings are down slightly year over year. Median and average prices are up year over year which is anticipated… and what we hope for our equity as owners!

The data below compares January 2024 to 2023, 2022, 2021, and 2020. It’s an interesting look back at the COVID years and how the market has changed and has become more balanced.

The spring market is absolutely heating up, even though it is still very much winter! If you are curious about what these reports mean for you as a buyer or seller, I would love to have a coffee consult and talk about your goals.