Tampa
(92.7%), Orlando (81.8%) and
Phoenix (77.3%) See Highest
Increases in Inventory
SANTA
CLARA, Calif., July 9, 2024
/PRNewswire/ -- According to the Realtor.com® June
housing data, the number of homes actively for sale grew for an
eighth straight month, increasing by 36.7% year-over-year, while
the median home spent 45 days on market, an increase of two days
compared to last year. Both factors contribute to a slight
directional shift towards a buyer-friendly market.
"While the quantity of homes on the market still trails
pre-pandemic levels, home buyers are seeing more options to choose
from as inventory increases," said Danielle
Hale, Chief Economist, Realtor.com®. "The
combination of more for-sale homes and longer time on the market is
beneficial for home shoppers as they have more selection and don't
need to feel as rushed in picking a place to call home. Whether
this translates into more home sales will likely hinge on how
mortgage rates impact affordability in the second half of the
year."
June 2024 Housing Metrics –
National
|
Metric
|
Change over Jun
2023
|
Change over Jun
2019
|
|
Median List Price Per
Sq.Ft.
|
+3.4 %
|
+52.6
|
|
Median listing
price
|
+0.0% (to
$445,000)
|
+39.1 %
|
|
Active
listings
|
+36.7 %
|
-31.1 %
|
|
New listings
|
+6.3 %
|
-24.4 %
|
|
Median days on
market
|
+2 days (to 45
days)
|
-8
days
|
|
Share of active
listings with price reductions
|
+4.2 percentage
points
(to 18.3%)
|
+1.3 percentage
points
|
The South and the West Lead the Way for Inventory
Growth
All four regions saw inventory increases over the
previous year, but the South and the West led the way with highest
growth, experiencing an increase in inventory of 48.7% and 36.5%,
respectively. The Midwest (21%) and Northeast (11.8%) followed
behind. When comparing inventory levels to pre-pandemic, much of
the nation still sits well below their inventory levels from
typical 2017-2019, with the exception of a few metros in the South,
namely Austin (+41.3%),
San Antonio (+24.1%), and
Memphis (+22.3%).
"Despite some slightly more buyer-friendly signs, sellers are
still engaged and more homes are being listed compared to a year
ago," said Ralph McLaughlin, Sr.
Economist Realtor.com®. "While sellers are responding to
market signals by cutting prices more frequently, data suggests
they aren't calling it quits and pulling their homes off of the
market. Despite these cuts, price growth is hanging around at high
enough rates to keep sellers in the game."
List Prices Rise in the West, Northeast and Midwest but Fall
in the South
Relative to June
2023, list prices are on the rise in the Northeast (+5.9%),
Midwest (3%), and West (+1.3%). Among large metros, the median list
price in Cleveland (+15.7%),
Philadelphia (+12.8%), and
Providence (+9.0%) saw the biggest
increases. However, for home shoppers in the South prices fell 1.9%
compared to this time last year; welcomed news for the region where
inventory has grown the most, which yields not only more options
for buyers but helps keep price growth lower.
Buyers Take a Beat: Homes Are Spending More Time on
Market
In June 2024, the
typical home spent 45 days on the market, which is two days more
than the same time last year, one more day than May 2024 and the third straight month where the
time spent on market increased. In light of this increase, all
regions are still seeing time on the market below pre-pandemic
levels although the West is very close, where homes are spending
only one day less on the market compared with the typical June from
2017 to 2019. Time on the market was still significantly lower for
the rest of the regions, including the South (-8 days), the Midwest
(-10 days), and the Northeast (-15 days) compared to pre-pandemic
levels.
For home buyers, tools like the Realtor.com® Discover Feed can
help active home seekers organize their search results and
information in a simplified way for easy accessibility and viewing
in the Realtor.com® app.
Additional details and full analysis of the market inventory
levels and additional trends in listing prices and more can be
found in the Realtor.com® June Monthly Housing Report.
June 2024 Housing Overview of
the 50 Largest Metros
|
Metro
Area
|
Median Listing
Price
|
Median Listing
Price YoY
|
Median Listing
Price per
Sq. Ft. YoY
|
Median Listing
Price vs
May 2019
|
Median Listing
Price per
Sq. Ft. vs 2019
|
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
$425,000
|
-2.5 %
|
1.8 %
|
30.0 %
|
52.7 %
|
|
Austin-Round
Rock-Georgetown, Texas
|
$554,500
|
-4.4 %
|
-1.6 %
|
50.7 %
|
63.2 %
|
|
Baltimore-Columbia-Towson, Md.
|
$369,947
|
1.4 %
|
0.9 %
|
8.8 %
|
24.5 %
|
|
Birmingham-Hoover,
Ala.
|
$303,450
|
1.2 %
|
1.4 %
|
13.7 %
|
26.5 %
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$883,500
|
1.7 %
|
6.1 %
|
47.3 %
|
67.9 %
|
|
Buffalo-Cheektowaga,
N.Y.
|
$299,900
|
8.5 %
|
7.4 %
|
34.3 %
|
46.8 %
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$442,948
|
0.7 %
|
3.6 %
|
23.5 %
|
56.5 %
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$399,900
|
5.2 %
|
6.1 %
|
18.9 %
|
32.3 %
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
$382,450
|
-1.9 %
|
4.3 %
|
33.7 %
|
51.8 %
|
|
Cleveland-Elyria,
Ohio
|
$287,000
|
15.7 %
|
15.0 %
|
36.7 %
|
32.3 %
|
|
Columbus,
Ohio
|
$399,999
|
0.0 %
|
5.1 %
|
23.2 %
|
53.5 %
|
|
Dallas-Fort
Worth-Arlington, Texas
|
$459,046
|
-3.4 %
|
0.5 %
|
27.3 %
|
45.0 %
|
|
Denver-Aurora-Lakewood,
Colo.
|
$639,250
|
-6.0 %
|
1.6 %
|
24.1 %
|
46.9 %
|
|
Detroit-Warren-Dearborn, Mich.
|
$274,950
|
1.8 %
|
2.3 %
|
4.4 %
|
25.9 %
|
|
Hartford-East
Hartford-Middletown, Conn.
|
$449,900
|
2.5 %
|
12.3 %
|
47.5 %
|
63.5 %
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
$371,450
|
-1.7 %
|
-0.2 %
|
15.1 %
|
38.3 %
|
|
Indianapolis-Carmel-Anderson, Ind.
|
$352,743
|
0.8 %
|
3.9 %
|
26.0 %
|
56.1 %
|
|
Jacksonville,
Fla.
|
$424,500
|
-3.3 %
|
-0.4 %
|
36.2 %
|
53.9 %
|
|
Kansas City,
Mo.-Kan.
|
$432,000
|
-5.0 %
|
-2.2 %
|
32.9 %
|
47.5 %
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
$484,944
|
6.6 %
|
7.7 %
|
49.5 %
|
56.2 %
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,249,000
|
6.8 %
|
6.6 %
|
51.9 %
|
54.9 %
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
$342,635
|
5.5 %
|
2.9 %
|
19.0 %
|
42.1 %
|
|
Memphis,
Tenn.-Miss.-Ark.
|
$348,468
|
7.2 %
|
2.1 %
|
51.5 %
|
63.9 %
|
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
$535,000
|
-11.5 %
|
-8.4 %
|
33.8 %
|
48.0 %
|
|
Milwaukee-Waukesha,
Wis.
|
$399,950
|
5.3 %
|
5.0 %
|
42.9 %
|
42.7 %
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$462,500
|
0.5 %
|
2.1 %
|
28.9 %
|
36.2 %
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$576,550
|
-2.3 %
|
3.7 %
|
52.3 %
|
66.7 %
|
|
New Orleans-Metairie,
La.
|
$335,000
|
-2.9 %
|
-2.4 %
|
15.5 %
|
25.5 %
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$789,000
|
5.3 %
|
8.3 %
|
34.5 %
|
81.9 %
|
|
Oklahoma City,
Okla.
|
$335,000
|
-4.3 %
|
0.3 %
|
30.6 %
|
44.6 %
|
|
Orlando-Kissimmee-Sanford, Fla.
|
$445,000
|
-3.1 %
|
0.0 %
|
39.1 %
|
55.1 %
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$394,950
|
12.8 %
|
9.1 %
|
36.2 %
|
55.0 %
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
$539,950
|
0.0 %
|
0.1 %
|
42.1 %
|
55.7 %
|
|
Pittsburgh,
Pa.
|
$259,950
|
8.3 %
|
10.8 %
|
30.0 %
|
31.5 %
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$627,498
|
-2.0 %
|
2.2 %
|
31.0 %
|
41.5 %
|
|
Providence-Warwick,
R.I.-Mass.
|
$599,450
|
9.0 %
|
8.7 %
|
55.7 %
|
47.7 %
|
|
Raleigh-Cary,
N.C.
|
$471,284
|
-1.8 %
|
3.0 %
|
25.2 %
|
52.6 %
|
|
Richmond,
Va.
|
$474,669
|
7.9 %
|
5.8 %
|
41.7 %
|
57.9 %
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
$615,000
|
6.0 %
|
5.5 %
|
46.5 %
|
62.0 %
|
|
Rochester,
N.Y.
|
$294,900
|
7.2 %
|
9.7 %
|
28.3 %
|
39.5 %
|
|
Sacramento-Roseville-Folsom, Calif.
|
$679,496
|
0.1 %
|
4.4 %
|
34.2 %
|
40.4 %
|
|
San Antonio-New
Braunfels, Texas
|
$348,379
|
-4.6 %
|
-2.2 %
|
18.1 %
|
39.3 %
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
$1,048,972
|
-3.8 %
|
6.0 %
|
45.2 %
|
64.1 %
|
|
San
Francisco-Oakland-Berkeley, Calif.
|
$999,000
|
-13.1 %
|
-6.0 %
|
3.6 %
|
28.3 %
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,438,051
|
-4.0 %
|
-1.0 %
|
22.2 %
|
24.1 %
|
|
Seattle-Tacoma-Bellevue, Wash.
|
$795,000
|
-3.5 %
|
0.5 %
|
29.3 %
|
48.3 %
|
|
St. Louis,
Mo.-Ill.
|
$314,500
|
8.8 %
|
6.1 %
|
33.9 %
|
33.1 %
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$425,000
|
-4.5 %
|
-0.5 %
|
49.1 %
|
67.8 %
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$397,000
|
0.5 %
|
5.0 %
|
34.6 %
|
45.1 %
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$635,502
|
-0.7 %
|
6.3 %
|
30.5 %
|
59.9 %
|
|
Metro
Area
|
Active Listing
Count YoY
|
New Listing
Count YoY
|
Median Days
on Market
|
Median Days on
Market Y-Y (Days)
|
Price– Reduced
Share
|
Price-Reduced
Share Y-Y
(Percentage Points)
|
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
57.0 %
|
14.5 %
|
38
|
-1
|
21.9 %
|
8.5 pp
|
|
Austin-Round
Rock-Georgetown, Texas
|
31.0 %
|
2.8 %
|
50
|
6
|
30.3 %
|
-2.7 pp
|
|
Baltimore-Columbia-Towson, Md.
|
29.0 %
|
0.5 %
|
31
|
-5
|
14.4 %
|
3.3 pp
|
|
Birmingham-Hoover,
Ala.
|
42.0 %
|
0.6 %
|
45
|
3
|
16.9 %
|
5.4 pp
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
22.0 %
|
10.2 %
|
25
|
1
|
15.4 %
|
3.5 pp
|
|
Buffalo-Cheektowaga,
N.Y.
|
10.0 %
|
8.5 %
|
22
|
-8
|
8.8 %
|
1.9 pp
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
48.0 %
|
13.9 %
|
36
|
-2
|
20.8 %
|
7.9 pp
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
6.0 %
|
-2.9 %
|
26
|
-9
|
11.2 %
|
1.9 pp
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
27.0 %
|
8.9 %
|
29
|
-1
|
15.0 %
|
5.1 pp
|
|
Cleveland-Elyria,
Ohio
|
5.0 %
|
0.3 %
|
31
|
-6
|
12.8 %
|
2.6 pp
|
|
Columbus,
Ohio
|
32.0 %
|
7.8 %
|
25
|
3
|
19.9 %
|
5.8 pp
|
|
Dallas-Fort
Worth-Arlington, Texas
|
52.0 %
|
9.8 %
|
40
|
4
|
28.0 %
|
7.9 pp
|
|
Denver-Aurora-Lakewood,
Colo.
|
77.0 %
|
9.7 %
|
30
|
2
|
28.8 %
|
8.8 pp
|
|
Detroit-Warren-Dearborn, Mich.
|
9.0 %
|
2.3 %
|
31
|
1
|
11.5 %
|
-2.4 pp
|
|
Hartford-East
Hartford-Middletown, Conn.
|
8.0 %
|
-0.5 %
|
17
|
-1
|
6.2 %
|
0.4 pp
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
39.0 %
|
10.3 %
|
40
|
0
|
20.0 %
|
4.3 pp
|
|
Indianapolis-Carmel-Anderson, Ind.
|
27.0 %
|
-1.5 %
|
35
|
-1
|
22.3 %
|
4.8 pp
|
|
Jacksonville,
Fla.
|
68.0 %
|
15.6 %
|
52
|
7
|
27.8 %
|
9.4 pp
|
|
Kansas City,
Mo.-Kan.
|
22.0 %
|
8.9 %
|
44
|
-6
|
15.4 %
|
3.4 pp
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
-31.0 %
|
13.8 %
|
38
|
-6
|
18.3 %
|
4.9 pp
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
36.0 %
|
13.3 %
|
37
|
-2
|
11.8 %
|
2.9 pp
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
27.0 %
|
4.3 %
|
31
|
2
|
16.2 %
|
2.5 pp
|
|
Memphis,
Tenn.-Miss.-Ark.
|
51.0 %
|
12.1 %
|
49
|
6
|
23.4 %
|
7.4 pp
|
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
67.0 %
|
8.5 %
|
67
|
5
|
18.3 %
|
5.5 pp
|
|
Milwaukee-Waukesha,
Wis.
|
21.0 %
|
-0.7 %
|
30
|
1
|
9.0 %
|
0.3 pp
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
23.0 %
|
-5.8 %
|
27
|
-4
|
13.6 %
|
2.9 pp
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
21.0 %
|
5.2 %
|
32
|
-3
|
23.9 %
|
4.2 pp
|
|
New Orleans-Metairie,
La.
|
29.0 %
|
-3.4 %
|
61
|
3
|
21.4 %
|
1.0 pp
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
3.0 %
|
1.7 %
|
45
|
-5
|
8.9 %
|
0.8 pp
|
|
Oklahoma City,
Okla.
|
40.0 %
|
7.7 %
|
45
|
0
|
21.9 %
|
6.5 pp
|
|
Orlando-Kissimmee-Sanford, Fla.
|
82.0 %
|
11.1 %
|
52
|
6
|
23.0 %
|
8.6 pp
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
10.0 %
|
0.5 %
|
38
|
-7
|
13.0 %
|
1.3 pp
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
77.0 %
|
6.8 %
|
58
|
14
|
26.4 %
|
6.5 pp
|
|
Pittsburgh,
Pa.
|
15.0 %
|
2.4 %
|
44
|
-3
|
16.1 %
|
2.5 pp
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
35.0 %
|
-0.7 %
|
40
|
7
|
19.7 %
|
3.8 pp
|
|
Providence-Warwick,
R.I.-Mass.
|
23.0 %
|
12.1 %
|
23
|
-9
|
9.5 %
|
3.1 pp
|
|
Raleigh-Cary,
N.C.
|
38.0 %
|
19.4 %
|
36
|
-7
|
17.5 %
|
4.6 pp
|
|
Richmond,
Va.
|
38.0 %
|
4.3 %
|
40
|
-2
|
11.0 %
|
3.9 pp
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
43.0 %
|
11.2 %
|
45
|
1
|
16.7 %
|
5.5 pp
|
|
Rochester,
N.Y.
|
3.0 %
|
1.6 %
|
17
|
5
|
3.9 %
|
-2.7 pp
|
|
Sacramento-Roseville-Folsom, Calif.
|
47.0 %
|
3.4 %
|
33
|
1
|
18.6 %
|
6.4 pp
|
|
San Antonio-New
Braunfels, Texas
|
49.0 %
|
27.5 %
|
50
|
4
|
25.6 %
|
3.3 pp
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
72.0 %
|
25.1 %
|
30
|
-2
|
16.0 %
|
5.4 pp
|
|
San
Francisco-Oakland-Berkeley, Calif.
|
39.0 %
|
12.0 %
|
28
|
-3
|
13.3 %
|
3.4 pp
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
53.0 %
|
35.4 %
|
20
|
-9
|
9.6 %
|
1.5 pp
|
|
Seattle-Tacoma-Bellevue, Wash.
|
61.0 %
|
24.9 %
|
24
|
-5
|
15.6 %
|
3.9 pp
|
|
St. Louis,
Mo.-Ill.
|
19.0 %
|
4.7 %
|
37
|
-2
|
12.8 %
|
2.9 pp
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
93.0 %
|
13.9 %
|
53
|
8
|
29.6 %
|
11.0 pp
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
27.0 %
|
3.2 %
|
31
|
2
|
17.2 %
|
5.7 pp
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
26.0 %
|
6.5 %
|
29
|
-3
|
12.2 %
|
3.1 pp
|
Methodology
Realtor.com® housing data as of
June 2024. Listings include the
active inventory of existing single-family homes and
condos/townhomes/row homes/co-ops for the given level of geography
on Realtor.com®; new construction is excluded unless
listed via an MLS that provides listing data to
Realtor.com®. Realtor.com® data history goes
back to July 2016. The 50 largest
U.S. metropolitan areas as defined by the Office of Management and
Budget (OMB-202003).
About Realtor.com®
Realtor.com®
is an open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real estate
more than 25 years ago. Today, through its website and mobile apps,
Realtor.com® is a trusted guide for consumers,
empowering more people to find their way home by breaking down
barriers, helping them make the right connections, and creating
confidence through expert insights and guidance. For professionals,
Realtor.com® is a trusted partner for business growth,
offering consumer connections and branding solutions that help them
succeed in today's on-demand world. Realtor.com® is
operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. For more information, visit
Realtor.com®.
Media Contact
press@realtor.com
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content:https://www.prnewswire.com/news-releases/realtorcom-june-housing-report-the-50-largest-markets-experience-inventory-growth-compared-to-last-year-302191573.html
SOURCE Realtor.com