What’s the latest snapshot on the 2024 housing market compared to this time
last year?
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 break it down and recap the latest statistics. In September, we saw
mortgage rates dip mid-month, and the Feds take a slight interest rate cut, the first time in four years. Because of this, we saw an uptick in market activity as buyer power increased. According to chief economist Haley Jones from Realtor.com,
recent rate improvements have boosted home shopper buying power by more
than $74,000 compared to 2023 when rates were peaking close to 8%. Meaning,
a buyer can afford a home priced $74,000 higher today than this time last year
for the same housing payment. Nationally, the national median list price is at $429,900… down about 1% from this time last year. We are also seeing more inventory on the market nationally, with the number of listings up 33.2% compared to last year.
Data is showing sellers and buyers both taking advantage of the lower mortgage rates
and increased inventory. More sellers are listing their homes due to the increase
in buyer activity and there is more buyer demand due to the slight improvement
in housing affordability. This trend is expected to continue into 2025.
Nationally, we are seeing the average days on market for a typical home at about 53 days. This is slightly up from this time last year when average days on market were at
45 days nationally.
So as we get closer to 2025, what trends should we see compared to this year? According to the experts, we should continue to see mortgage rates come down further, home prices to rise slightly at a slower pace and better affordability for buyers. This is good news for both buyers and sellers.
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 do 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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