What’s the latest numbers on the housing market as we move into the final months of 2024 and what are the experts saying as we near 2025?
Hi, I’m Tanja Odzak, eXp Realty. I love helping people. I’m a Senior Level Realtor and I help people sell and buy homes right here in the East Bay!
Let’s talk about the real estate market and recap the latest national statistics.
According to the National Association of Realtors, this year we have seen an uptick in inventory, which started in the summer and has moved into the Fall. This has caused the market to have a small shift creating a more balanced market between buyers and sellers. Nationally, the median sales price is $439,455 which is up 4% from this time last year. We are also seeing listings up 3% from last year indicating that homeowners who are in a position to sell are listing their homes despite having a lower mortgage rates.
Also on a national level, our average months of inventory supply is now 3.6 months, meaning the market is considered balanced for both buyers and sellers with close to 4 months of inventory on hand. We are also seeing average days on market at about 35 days for sellers. This is up from this time last year where average days on market were about 25-30 days. Pending sales are down 5% from this time last year which is the biggest decline since November 2023. This is probably due to buyers waiting until the end of this year to see if rates would come down and we should see this number improve.
Now, let’s look ahead to 2025! Will we see more of the same statistics as this year? Mortgage rates are projected to come down some more due to the easing of inflation and signs of a slowing economy. We should see an increase in both supply and demand with total home sales to climb slightly to about 5.4 million projected homes sales. This is up from the 4.5 million homes expected to be sold in 2024. We will see more buyers get back into the market after being sidelined creating a little bit of pressure on pricing with experts predicting home prices to rise about 2.6% next year.
So as we move towards 2025, it is important to know what is happening in your part of the East Bay, as all regions are different. Understanding the 2025 housing forecasts can help you plan your next move.
If you would like more information on East Bay real estate data and learn more about what’s really going on, call me today and let’s talk about it! I’m a seasoned East Bay expert with a 5-Star rating. I’ll help you navigate the market and make it happen, whether that’s selling or buying or both!
And if you or someone you know needs to sell a home, ask me about my home-selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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