Home sellers were more active this February,
with 11.3% more homes newly listed on the market compared to last
year
SANTA
CLARA, Calif., March 5,
2024 /PRNewswire/ -- According to
Realtor.com®'s February housing report, the Spring
housing market is shaping up to be an active one for prospective
homebuyers. In fact, there were 14.8% more homes actively for sale
on a typical day in February compared to the same time in 2023,
which marks the fourth consecutive month of annual inventory
growth.
"The first couple of months of 2024 have proven to be positive
for inventory levels, as the number of homes actively for sale was
at its highest level since 2020," said Danielle Hale, Chief Economist of
Realtor.com®. "While the country is still well below
pre-pandemic levels, the South is leading the charge, moving faster
than other parts of the country, largely driving the increase in
availability of homes priced between $200,000 and $350,000, a price category that saw the most
year-over-year growth nationally."
February 2024 Housing Metrics –
National
|
Metric
|
Change over Feb
2023
|
Change over Feb
2019
|
|
Median listing
price
|
+0.3% (to
$415,500)
|
+40.4 %
|
|
Active
listings
|
+14.8 %
|
-39.7 %
|
|
New listings
|
+11.3 %
|
-17.2 %
|
|
Median days on
market
|
- 4 days (to 61
days)
|
-14
days
|
|
Share of active
listings with
price reductions
|
+1.4 percentage
points
(to 14.6%)
|
-1.1 percentage
points
|
|
Affordable Home Inventory Grows
Homes in the
$200,000 to $350,000 price range grew by 20.6% compared to
last year, outpacing all other price categories. For home shoppers
looking for affordable options, this may lead to particularly
favorable home buying conditions. And, though the market is still a
ways away from pre-pandemic levels, homebuyers may anticipate more
options to choose from, compared to recent years, heading into the
hot spring homebuying season especially in this category.
Southern Metros See the Most Inventory
Growth
The inventory of homes actively for sale
increased in 29 out of 50 of the largest metros compared to last
year. Orlando (+38.5%),
Miami (37.4%) and Tampa (36.3%) experienced the most inventory
growth. While most metros are still seeing lower inventory levels
when compared to pre-pandemic years, three metros actually saw
higher levels of inventory in February compared to typical 2017 to
2019 levels. The top three were in the South, particularly in
Texas: San Antonio (+26.6%), Austin (+10.8%), and Dallas (+2.2%).
Mortgage Rates Remain in Flux, but Sellers are Ready to
Move
As mortgage rates continue to shift, home sales
have been sensitive to the fluctuations. While rates declined
abruptly in November and December they steadied around 6.6% in
January and early February, before climbing higher following
a hot inflation report, most recently hitting 6.94%.
Additionally, the percentage of homes with price reductions
increased from 13.2% in February of last year to 14.6% this year,
marking the first time the share of price reductions had increased
over the previous year since May of 2023. In fact, newly listed
homes were 11.3% above last year's levels for the fourth month of
increasing-listing activity after a 17-month streak of
decline.
Additional details and full analysis of the market inventory
levels, price fluctuations and stabilization, as well as days on
market tallies can be found in the
Realtor.com® February Monthly Housing Report.
February 2024 Housing Overview
by Top 50 Largest Metros
|
Metro
Area
|
Median Listing
Price
|
Median Listing Price
YoY
|
Median Listing Price
per Sq. Ft. YoY
|
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.
|
$409,000
|
2.3 %
|
4.1 %
|
10.4 %
|
15.7 %
|
43
|
-8
|
15.4 %
|
0.5 pp
|
|
Austin-Round
Rock-Georgetown, Texas
|
$542,000
|
2.1 %
|
3.2 %
|
8.1 %
|
13.9 %
|
60
|
-10
|
20.8 %
|
-5.3 pp
|
|
Baltimore-Columbia-Towson, Md.
|
$330,000
|
1.9 %
|
4.2 %
|
2.4 %
|
2.5 %
|
44
|
-5
|
11.4 %
|
0.1 pp
|
|
Birmingham-Hoover,
Ala.
|
$286,000
|
5.7 %
|
5.6 %
|
24.2 %
|
14.9 %
|
65
|
2
|
13.2 %
|
-0.1 pp
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$854,000
|
6.9 %
|
10.3 %
|
-3.3 %
|
5.9 %
|
33
|
-5
|
7.7 %
|
-2.1 pp
|
|
Buffalo-Cheektowaga,
N.Y.
|
$251,000
|
10.4 %
|
13.6 %
|
-4.5 %
|
-0.4 %
|
67
|
5
|
5.3 %
|
-0.2 pp
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$400,000
|
0.7 %
|
5.9 %
|
4.7 %
|
13.1 %
|
45
|
-10
|
14.5 %
|
0.6 pp
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$360,000
|
6.7 %
|
6.8 %
|
-13.4 %
|
0.5 %
|
40
|
-4
|
8.9 %
|
-0.8 pp
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
$337,000
|
-6.4 %
|
4.3 %
|
26.2 %
|
10.3 %
|
39
|
-10
|
10.9 %
|
1.2 pp
|
|
Cleveland-Elyria,
Ohio
|
$212,000
|
6.5 %
|
7.9 %
|
-5.7 %
|
1.2 %
|
50
|
-3
|
10.8 %
|
-0.9 pp
|
|
Columbus,
Ohio
|
$377,000
|
4.7 %
|
5.4 %
|
22.1 %
|
5.2 %
|
38
|
-2
|
15.8 %
|
3.4 pp
|
|
Dallas-Fort
Worth-Arlington, Texas
|
$435,000
|
0.0 %
|
1.6 %
|
25.4 %
|
20.0 %
|
48
|
-11
|
19.2 %
|
2.8 pp
|
|
Denver-Aurora-Lakewood,
Colo.
|
$610,000
|
-3.6 %
|
6.2 %
|
30.0 %
|
17.6 %
|
35
|
-8
|
14.8 %
|
1.3 pp
|
|
Detroit-Warren-Dearborn, Mich.
|
$229,000
|
0.0 %
|
2.3 %
|
-4.8 %
|
2.8 %
|
46
|
-9
|
11.3 %
|
-2.9 pp
|
|
Hartford-East
Hartford-Middletown, Conn.
|
$400,000
|
0.9 %
|
5.3 %
|
-2.7 %
|
-6.3 %
|
41
|
7
|
5.8 %
|
0.7 pp
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
$360,000
|
0.4 %
|
1.8 %
|
16.2 %
|
16.1 %
|
48
|
-6
|
16.8 %
|
1.1 pp
|
|
Indianapolis-Carmel-Anderson, Ind.
|
$319,000
|
5.5 %
|
7.2 %
|
12.4 %
|
2.8 %
|
59
|
0
|
16.0 %
|
0.9 pp
|
|
Jacksonville,
Fla.
|
$410,000
|
5.2 %
|
5.6 %
|
22.6 %
|
21.6 %
|
51
|
-13
|
20.8 %
|
1.1 pp
|
|
Kansas City,
Mo.-Kan.
|
$421,000
|
-4.9 %
|
-2.4 %
|
1.7 %
|
20.0 %
|
73
|
-8
|
10.8 %
|
2 pp
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
$465,000
|
4.4 %
|
5.6 %
|
-39.3 %
|
-2.9 %
|
40
|
-25
|
13.4 %
|
-8.6 pp
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,137,000
|
16.8 %
|
9.4 %
|
-4.2 %
|
6.3 %
|
40
|
-12
|
8.9 %
|
-0.9 pp
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
$312,000
|
4.1 %
|
3.1 %
|
12.3 %
|
5.3 %
|
45
|
1
|
14.7 %
|
1.8 pp
|
|
Memphis,
Tenn.-Miss.-Ark.
|
$325,000
|
0.4 %
|
2.7 %
|
35.5 %
|
11.5 %
|
68
|
1
|
18.2 %
|
3 pp
|
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
$550,000
|
-8.2 %
|
-1.3 %
|
37.4 %
|
20.7 %
|
62
|
-5
|
19.5 %
|
5 pp
|
|
Milwaukee-Waukesha,
Wis.
|
$354,000
|
1.2 %
|
4.4 %
|
-2.0 %
|
-19.1 %
|
37
|
1
|
10.1 %
|
0.3 pp
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$434,000
|
-0.1 %
|
0.2 %
|
16.4 %
|
37.4 %
|
37
|
-11
|
8.5 %
|
0.9 pp
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$560,000
|
8.2 %
|
7.4 %
|
-2.8 %
|
10.3 %
|
38
|
0
|
17.3 %
|
-1.8 pp
|
|
New Orleans-Metairie,
La.
|
$325,000
|
0.1 %
|
0.1 %
|
29.3 %
|
-1.7 %
|
83
|
14
|
16.3 %
|
0.9 pp
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$750,000
|
10.2 %
|
16.6 %
|
-9.9 %
|
-3.1 %
|
69
|
-6
|
6.6 %
|
-0.7 pp
|
|
Oklahoma City,
Okla.
|
$323,000
|
-7.4 %
|
-1.5 %
|
19.8 %
|
14.0 %
|
55
|
3
|
18.1 %
|
3.1 pp
|
|
Orlando-Kissimmee-Sanford, Fla.
|
$435,000
|
0.0 %
|
2.6 %
|
38.5 %
|
11.1 %
|
64
|
0
|
19.7 %
|
3 pp
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$340,000
|
5.4 %
|
6.3 %
|
-5.8 %
|
1.0 %
|
59
|
-4
|
11.0 %
|
-0.4 pp
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
$540,000
|
10.9 %
|
4.6 %
|
-4.4 %
|
6.9 %
|
45
|
-16
|
25.1 %
|
-0.1 pp
|
|
Pittsburgh,
Pa.
|
$232,000
|
16.2 %
|
12.0 %
|
6.1 %
|
12.5 %
|
75
|
-14
|
14.7 %
|
1.9 pp
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$600,000
|
-1.2 %
|
3.5 %
|
21.1 %
|
8.9 %
|
55
|
2
|
19.1 %
|
8.8 pp
|
|
Providence-Warwick,
R.I.-Mass.
|
$500,000
|
0.4 %
|
0.4 %
|
-8.1 %
|
2.3 %
|
38
|
-7
|
6.8 %
|
-1 pp
|
|
Raleigh-Cary,
N.C.
|
$440,000
|
-2.2 %
|
5.7 %
|
-6.5 %
|
18.0 %
|
44
|
-22
|
12.1 %
|
-1.5 pp
|
|
Richmond,
Va.
|
$449,000
|
14.3 %
|
7.7 %
|
11.5 %
|
8.2 %
|
48
|
-3
|
8.9 %
|
0.8 pp
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
$595,000
|
6.3 %
|
7.5 %
|
-3.6 %
|
7.0 %
|
51
|
-15
|
12.9 %
|
-1.1 pp
|
|
Rochester,
N.Y.
|
$250,000
|
7.5 %
|
8.3 %
|
-5.6 %
|
3.8 %
|
24
|
-4
|
8.7 %
|
1.3 pp
|
|
Sacramento-Roseville-Folsom, Calif.
|
$633,000
|
4.4 %
|
4.6 %
|
-7.2 %
|
6.5 %
|
39
|
-13
|
10.4 %
|
-1.8 pp
|
|
San Antonio-New
Braunfels, Texas
|
$335,000
|
-1.5 %
|
-1.3 %
|
26.6 %
|
11.0 %
|
68
|
1
|
21.2 %
|
2.9 pp
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
$997,000
|
6.9 %
|
11.4 %
|
5.8 %
|
8.2 %
|
33
|
-5
|
10.6 %
|
0.5 pp
|
|
San
Francisco-Oakland-Berkeley, Calif.
|
$989,000
|
-1.3 %
|
-0.6 %
|
-2.0 %
|
6.0 %
|
29
|
-4
|
7.5 %
|
-1 pp
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,367,000
|
-2.3 %
|
-2.7 %
|
-12.8 %
|
16.6 %
|
23
|
-7
|
5.0 %
|
-3.4 pp
|
|
Seattle-Tacoma-Bellevue, Wash.
|
$765,000
|
2.0 %
|
4.1 %
|
5.7 %
|
41.7 %
|
32
|
-11
|
7.3 %
|
-3 pp
|
|
St. Louis,
Mo.-Ill.
|
$287,000
|
5.8 %
|
4.8 %
|
12.2 %
|
14.1 %
|
48
|
-16
|
10.5 %
|
0.8 pp
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$416,000
|
3.9 %
|
5.6 %
|
36.3 %
|
25.3 %
|
57
|
-2
|
25.5 %
|
4 pp
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$385,000
|
3.5 %
|
6.1 %
|
9.3 %
|
7.2 %
|
36
|
-2
|
15.1 %
|
2.8 pp
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$599,000
|
2.5 %
|
5.7 %
|
-3.5 %
|
2.3 %
|
36
|
-4
|
8.5 %
|
-0.5 pp
|
Methodology
Realtor.com® housing data as of
February 2024. Listings include the
active inventory of existing single-family homes and
condos/townhomes/rowhomes/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. 50 largest U.S.
metropolitan areas as defined by the Office of Management and
Budget (OMB). With the publication of the January 2023 data, metro-level data has reverted
to the prior OMB metro area definitions, published March 2020, and historical data has been revised
to be consistent over time. Realtor.com® plans to adopt
the July 2023 vintage definitions
after other data providers have, so geographies are consistent with
commonly used 3rd party sources. For example, the American
Community Survey plans to update with the release of its 2023
estimates.
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@move.com
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