RE/MAX Publishes April 2024 Housing Report

RE/MAX has published its latest monthly report tracking updates to the national housing market (based on survey results of 50 metro areas). The report goes up to April 2024, which a press release noted is often the beginning of a summer pick-up for home sales. RE/MAX’s findings indicate this April won’t be any different.

RE/MAX President Amy Lessinger said:

“We’ve started the busy home-buying season on a very good note. Gains in home sales, new listings and the number of homes for sale are all signs of a more active, rebalancing market. This has happened without a significant drop in interest rates – suggesting that buyers and sellers may be less apt to delay their plans this year. More sellers have come into the market – and they’re finding buyers who are ready to go.”

Key details:

Sales increased in April 2024 by 11.2% month-over-month and by 9% year-over-year from April 2023.
Aprils 2022 and 2023 both saw sales decline year-over-year, making the 2024 increase all the more eye-catching.
Median sale price increased 2.9% month-over-month to $437,000—homebuyers recorded new willingness to pay 100% of the listing price, compared to 99% in March and 2023.
- Manchester, New Hampshire had the highest increase in median sales price, with a recorded $475,000 in April 2024 compared to $410,000 in April 2023 (a 15.9% increase).
New listings increased 6.3% since March 2024 and 18.2% since April 2023—the number of homes for sales is now 28.8% higher than the previous year.
- Of the metro areas surveyed: Bozeman, Montana experienced the highest increase in new listings (216 to 300, or 38.9%).
- Larger markets such as Miami (31.2%) and Atlanta (30.9%) experienced notable increases in their amount of new listings as well.
April 2024 recorded the highest increase in inventory in the last 13 months. Current supply of inventory is 1.7 months’ worth.
- The surveyed market with the highest amount of inventory was Tampa, Florida (2.8 months’ worth, which is an 86.8% increase from 1.5 in April 2023).
Listings are spending an average of 34 days on the market, which is 5 days lower than March 2024 and a return to days-on-the-market in April 2023.
- Washington D.C. experienced the lowest number of days on the market (12) of the metro areas surveyed.