RE/MAX, which has pivoted to new leadership with a focus on recruitment in Q1 2024, has published its latest national housing report, chronicling the state of the U.S. real estate market up to February 2024. The report surveys and compares 50 large metropolitan areas to make conclusions about the market as a whole.
The report’s data suggests that real estate professionals and homebuyers/sellers have started 2024 off on the right foot. The survey judges by percentages, rather than absolute numbers, so some small metro areas rank higher despite actually having fewer sales in an absolute sense than larger ones.
Key details:
- In February 2024, home sales were up 17% compared to January 2024 and 2.3% compared to February 2023.
- The median home price in February 2024 ($412,000) was up 2.1% from January 2024 and 7% from February 2023.
- The average days a listing spent on the market in February 2024 was 44 days, compared to 46 days in January 2024 and 45 days in February 2023.
Regional breakdown:
Metro areas with the highest year-over-year increase in closed transactions were:
- Salt Lake City, Utah (836 to 974 transactions, +16.5%)
- Burlington, Vermont (93 to 107 transactions, +15.1%)
- Minneapolis, Minnesota (2317 to 2657 transactions, +14.7%)
- Providence, Rhode Island (710 to 795 transactions, 12%)
- San Francisco (1681 to 1879 transactions, 11.8%)
Metro areas with the biggest year-over-year increase in median sales prices were:
- Trenton, New Jersey ($316,000 to $390,875, +23.7%)
- Bozeman, Montana ($632,000 to $770,000, +21.7%)
- Dover, Delaware ($299,900 to $350,000, +16.7%)
- Cleveland ($179,999 to $ 210,000, +16.7%)
- Boston ($557,500 to $628, 500, +21.7%)
Metro areas with the greatest year-over-year increase in inventory were:
- Boston (1 month to 3.1 months, +207.6%)
- Tampa (1.8 months to 2.8 months +53.4%)
- Miami (2.8 months to 4.3 months, +52%)
- Orlando (1.7 months to 2.5 months, +47.7%)
- Denver (1 month to 1.5 months, +46.9%)
Expert takeaway:
“The February jump in sales activity illustrates the strength of demand in many markets. Buyers are out there looking for homes,” said RE/MAX President Amy Lessinger. “Investing in real estate is still one of the best ways to build wealth. As the market has continued to rebalance, both buyers and sellers seem to be adjusting their plans and making moves they may have had on hold for a while.”
“In San Francisco County, the list price to sales price ratio hovered around 100-106%, meaning buyers paid over asking price,” said Tim Yee, a broker associate with RE/MAX Gold in the San Francisco Bay Area. “Well-priced listings in good locations were swallowed up as soon as they hit the market. If the Fed does make an adjustment in interest rates or if sellers finally get tired of waiting and decide to sell, the pent-up demand could bring a more robust spring market for all.”
For the full report, visit https://www.remax.com/.
