{"id":98248,"date":"2025-01-06T16:52:17","date_gmt":"2025-01-07T00:52:17","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=98248"},"modified":"2025-01-06T16:52:17","modified_gmt":"2025-01-07T00:52:17","slug":"housing-market-year-in-review-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/housing-market-year-in-review-2024\/","title":{"rendered":"2024 Housing Market Year In Review: A Tale of Supply, Demand, and Mortgage Rates"},"content":{"rendered":"<h3><span style=\"font-weight: 400;\">14 housing trends that defined the year, including record house prices, a mortgage rate rollercoaster, and a sales sea-saw<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The 2024 housing market in many ways mirrored 2023: too few homes on the market, and not enough buyers willing to face high prices and mortgage rates. This pushed house prices higher and kept affordability <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-affordability-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">historically low<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 remarkable, given that 2023 ended as the <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-affordability-at-record-low-2023\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">least affordable year<\/span><\/a><span style=\"font-weight: 400;\"> for homebuying on record. Nearly <\/span><a href=\"https:\/\/www.redfin.com\/news\/renters-becoming-homeowners-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">40% of renters<\/span><\/a><span style=\"font-weight: 400;\"> thought they\u2019d never own a home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The market was so difficult that the median homebuying age jumped to a record <\/span><a href=\"https:\/\/www.nar.realtor\/sites\/default\/files\/2024-11\/2024-profile-of-home-buyers-and-sellers-highlights-11-04-2024_2.pdf\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">56 years old<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 <\/span><a href=\"https:\/\/fortune.com\/2024\/11\/05\/typical-us-homebuyer-average-age-real-estate-millennials\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">seven years older<\/span><\/a><span style=\"font-weight: 400;\"> than 2023. A greater proportion of homebuyers continued to get priced out.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many homebuyers sat out the year <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-mortgage-rates-decline\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">on the sidelines<\/span><\/a><span style=\"font-weight: 400;\">, waiting for affordability to improve. Others <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-mortgage-rates-fall\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">got tired<\/span><\/a><span style=\"font-weight: 400;\"> of waiting and decided to take the leap, even with the market headwinds. The presidential election also injected <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rates-trump-presidency\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">more volatility<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.nytimes.com\/2024\/11\/06\/world\/asia\/world-reactions-trump-win.html\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">unpredictability<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there were some key improvements, including more housing inventory, declining inflation, and improved renter affordability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below are trends, data points, and visuals that defined the 2024 housing market.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">All data was aggregated from January through November 2024 unless otherwise stated. Data came from Redfin, Rent., the U.S. Census Bureau, FRED, NAR, and\/or public records. For questions about metrics, read our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" data-wpel-link=\"exclude\"><i><span style=\"font-weight: 400;\">metrics definitions page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/p>\n<div id=\"datawrapper-vis-Htp4I\" style=\"min-height: 435px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/Htp4I\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-Htp4I\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/Htp4I\/full.png\" alt=\"A graph showing how the national median sale price has changed since January 2023. Prices have risen over $50,000 over that time. \" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">1. Home prices reached consecutive all-time highs<\/span><\/h2>\n<p><b>The U.S. median sale price reached an all-time high in July when it hit $442,000<\/b><span style=\"font-weight: 400;\">, one month after June recorded a high of $438,000. Both eclipsed 2022\u2019s record of $432,000. House prices hit record highs for <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-record-high-rising-supply\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">nine straight weeks<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When averaging for the entire year, 2024\u2019s median sale price of $428,200 far surpassed any previous year in history, beating last year\u2019s by $20,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSupply and demand played starring roles again this year,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">, Redfin Chief Economist. \u201cThe combination of low supply and lackluster demand gave buyers the reality of a hot market, even though few homes changed hands. This unusual trend helped push prices steadily higher throughout the year, which was bad news for everyone except homesellers looking to downsize or rent.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Low-income residents were hit especially hard. <\/span><a href=\"https:\/\/www.redfin.com\/news\/survey-sacrifices-afford-housing-income-generation\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Nearly a quarter<\/span><\/a><span style=\"font-weight: 400;\"> who made less than $50,000 had to skip meals to afford payments.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">2. San Jose was the most expensive metro area for homebuyers in 2024<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Beating out San Francisco, <\/span><b>San Jose became the most expensive metropolitan area for homebuyers in the country in 2024<\/b><span style=\"font-weight: 400;\">. The average monthly median sale price in San Jose was $1,566,100, up 8.5% ($133,120) from last year. Otherwise, the top ten most expensive markets were unchanged from 2023.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">House prices generally rose across the board, with only Austin and San Antonio posting year-over-year decreases. Housing affordability became an <\/span><a href=\"https:\/\/hbr.org\/2024\/09\/the-market-alone-cant-fix-the-u-s-housing-crisis\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">even larger<\/span><\/a><span style=\"font-weight: 400;\"> crisis this year, <\/span><a href=\"https:\/\/nlihc.org\/explore-issues\/why-we-care\/problem\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">especially<\/span><\/a><span style=\"font-weight: 400;\"> among lower-income groups, and was a <\/span><a href=\"https:\/\/www.redfin.com\/news\/will-mortgage-rates-fall-under-trump-harris-survey\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">major<\/span><\/a><span style=\"font-weight: 400;\"> issue for voters in the <\/span><a href=\"https:\/\/www.redfin.com\/news\/what-trump-reelection-could-mean-for-housing\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">presidential election<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li><b>The top six most expensive metros were all in <\/b><a href=\"https:\/\/www.redfin.com\/state\/California\" data-wpel-link=\"exclude\"><b>California<\/b><\/a><b>.<\/b><\/li>\n<li><a href=\"https:\/\/www.redfin.com\/city\/517\/CA\/Anaheim\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Anaheim<\/span><\/a><span style=\"font-weight: 400;\"> saw the largest year-over-year price increase in the country, rising 12.5%.<\/span><\/li>\n<\/ul>\n<div id=\"datawrapper-vis-Qhpr4\" style=\"min-height: 515px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/Qhpr4\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-Qhpr4\"><\/script><\/div>\n<div>\n<h2><span style=\"font-weight: 400;\">3. Detroit was the least expensive metro area for homebuyers in 2024<\/span><\/h2>\n<p><b>The average monthly median sale price for a home in Detroit was $190,865<\/b><span style=\"font-weight: 400;\">, up 8.5% ($16,220) from 2023. Prices have risen dramatically since the pandemic, as buyers searching for affordability fought for a <\/span><a href=\"https:\/\/www.detroitchamber.com\/mpc-24-solving-michigan-housing-crisis\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">limited supply<\/span><\/a><span style=\"font-weight: 400;\">. Many of the most affordable metros were <\/span><a href=\"https:\/\/www.redfin.com\/blog\/affordable-metros-people-are-still-moving-to\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">top choices<\/span><\/a><span style=\"font-weight: 400;\"> for relocating homebuyers early in the year and have seen large price growth since the pandemic.\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">All but one of the most affordable metros saw substantial (&gt;5%) year-over-year gains.<\/span><\/li>\n<li><b>Nine of the ten least expensive metros were all located in the <\/b><a href=\"https:\/\/www.britannica.com\/place\/Rust-Belt\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><b>Rust Belt<\/b><\/a><span style=\"font-weight: 400;\">, continuing last year\u2019s trend.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Austin<\/span><\/a><span style=\"font-weight: 400;\"> (-2.2%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/16657\/TX\/San-Antonio\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">San Antonio<\/span><\/a><span style=\"font-weight: 400;\"> (-1.8%) posted the only year-over-year drops in the nation. Both also saw the greatest improvements in affordability when factoring in wage growth.<\/span><\/p>\n<\/div>\n<div><\/div>\n<div id=\"datawrapper-vis-bqSyV\" style=\"min-height: 569px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/bqSyV\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-bqSyV\"><\/script><\/div>\n<div>\n<h2><\/h2>\n<h2><span style=\"font-weight: 400;\">4. Home sales turned positive for the first time in years<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">4.62 million U.S. homes sold through November 2024, a slight increase from last year but far below the 5.62 million sold in 2022. On average, 423,100 homes sold every month this year, beating last year\u2019s 417,020.<\/span><\/p>\n<p><b>Year-over-year home sales were negative every month in 2024 before turning positive in September \u2013 the first time in over three years. <\/b><span style=\"font-weight: 400;\">Sales posted stronger increases of 4.8% in October and 7.2% in November, which was a promising upward trend leading into 2025.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sales likely turned positive because mortgage rates <\/span><a href=\"https:\/\/www.investopedia.com\/mortgage-rates-fall-returning-to-last-week-s-16-month-low-sept-5-2024-8706727\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">dipped significantly<\/span><\/a><span style=\"font-weight: 400;\"> in August and September. And pending sales, a 1-2 month leading indicator of closed home sales, <\/span><a href=\"https:\/\/www.redfin.com\/news\/pending-home-sales-rise-most-since-2023\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">showed strength<\/span><\/a><span style=\"font-weight: 400;\"> later in the year, too.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home sales likely increased because more buyers <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-mortgage-rates-fall\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">accepted<\/span><\/a><span style=\"font-weight: 400;\"> that mortgage rates will hover between 6-7% for now.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">May saw the <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-sales-fall-to-near-record-low\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">fewest home sales<\/span><\/a><span style=\"font-weight: 400;\">, at just 412,150. There have only been two months since 2012 with fewer sales.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To close out the year, home sales <\/span><a href=\"https:\/\/www.redfin.com\/news\/west-coast-home-sales-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">posted major increases<\/span><\/a><span style=\"font-weight: 400;\"> in expensive West Coast markets, likely because a shortage of homes intensified competition.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">While sales rose overall, they <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-sales-lowest-since-pandemic-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">often fell<\/span><\/a><span style=\"font-weight: 400;\"> when mortgage rates spiked. <\/span><a href=\"https:\/\/www.redfin.com\/news\/existing-home-sales-rise-most-since-2022\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">In October<\/span><\/a><span style=\"font-weight: 400;\">, when rates rose from 6.2% to 7%, roughly 53,000 home purchases were cancelled \u2013 the highest share in a year.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Two hurricanes and an <\/span><a href=\"https:\/\/www.redfin.com\/news\/hoa-fees-surge-florida-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">insurance crisis<\/span><\/a><span style=\"font-weight: 400;\"> helped <\/span><a href=\"https:\/\/www.redfin.com\/news\/pending-home-sales-rise-most-since-2023\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">cause<\/span><\/a><span style=\"font-weight: 400;\"> Florida metros to see the biggest drops in home sales: <\/span><a href=\"https:\/\/www.redfin.com\/city\/19373\/FL\/West-Palm-Beach\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">West Palm Beach<\/span><\/a><span style=\"font-weight: 400;\"> (-9.2%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/6173\/FL\/Fort-Lauderdale\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Fort Lauderdale<\/span><\/a><span style=\"font-weight: 400;\"> (-7.9%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Miami<\/span><\/a><span style=\"font-weight: 400;\"> (-4.6%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/18142\/FL\/Tampa\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Tampa<\/span><\/a><span style=\"font-weight: 400;\"> (-3.9%), and <\/span><a href=\"https:\/\/www.redfin.com\/city\/8907\/FL\/Jacksonville\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Jacksonville<\/span><\/a><span style=\"font-weight: 400;\"> (-3.9%). On the other hand, the drop in sales helped boost supply.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">5. Mortgage rates went on a rollercoaster ride<\/span><\/h2>\n<p><b>\u201cOnce again, mortgage rates dominated the market this year,\u201d<\/b><span style=\"font-weight: 400;\"> continued Fairweather. \u201cRates hovered between 6.5% and 7.5%, which <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-monthly-payments-down\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">scared off<\/span><\/a><span style=\"font-weight: 400;\"> many buyers and pushed sellers <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">to hold onto<\/span><\/a><span style=\"font-weight: 400;\"> pandemic-era rates.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rates were stubborn, too. \u201cEven though inflation <\/span><a href=\"https:\/\/www.cnbc.com\/2024\/10\/11\/the-federal-reserve-may-have-pretty-much-just-hit-its-2percent-inflation-target.html\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">dropped<\/span><\/a><span style=\"font-weight: 400;\"> close to the Fed\u2019s 2% target and we saw three interest rate cuts, <\/span><a href=\"https:\/\/www.nasdaq.com\/articles\/fed-keeps-cutting-rates-so-why-arent-mortgage-rates-going-down\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">uncertainty<\/span><\/a><span style=\"font-weight: 400;\"> over the election and strength of the economy kept rates elevated,\u201d she added.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Demonstrating how volatile rates were, a weak jobs report in August led investors to <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-affordability-improves-mortgage-rates-drop\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">push mortgage rates down<\/span><\/a><span style=\"font-weight: 400;\"> to 6.3%, which prompted a surge in buyer activity. Rates <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-becoming-more-affordable\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">fell further<\/span><\/a><span style=\"font-weight: 400;\"> in September, but then <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-housing-market-active-election-high-mortgage-rates\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">quickly rose<\/span><\/a><span style=\"font-weight: 400;\"> with the prospect of a stronger-than-expected economy. We don\u2019t expect mortgage rates to change significantly in 2025.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buyers who are wary of an expensive market should understand that historically, rates are relatively average. \u201cIf you\u2019re <\/span><a href=\"https:\/\/www.redfin.com\/blog\/is-now-a-good-time-to-buy-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">ready to buy a home<\/span><\/a><span style=\"font-weight: 400;\">, now is the time to talk with an agent, get prequalified for a mortgage, and start your home search,\u201d advised <\/span><a href=\"https:\/\/bayequityhomeloans.com\/april-janas\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">April Janas<\/span><\/a><span style=\"font-weight: 400;\">, Senior Loan Officer with <\/span><a href=\"https:\/\/bayequityhomeloans.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Bay Equity<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin company. \u201cMany markets cater to buyers right now, with more options, less competition, and favorable terms. And if rates do fall in 2025, there are ways to take advantage, including <\/span><a href=\"https:\/\/www.redfin.com\/blog\/when-to-refinance-mortgage\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">refinancing your mortgage<\/span><\/a><span style=\"font-weight: 400;\">.\u201d<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Fed <\/span><a href=\"https:\/\/www.axios.com\/2024\/12\/18\/fed-rate-cuts-december\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">is expected<\/span><\/a><span style=\"font-weight: 400;\"> to cut interest rates only twice next year, less than previously forecast.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">However, there is <\/span><a href=\"https:\/\/www.reuters.com\/markets\/us\/fed-expected-combine-interest-rate-cut-with-hawkish-2025-outlook-2024-12-18\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">a lot of economic uncertainty<\/span><\/a><span style=\"font-weight: 400;\"> due to President-Elect Trump\u2019s potentially <\/span><a href=\"https:\/\/time.com\/7175083\/donald-trump-presidency-inflation\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">inflationary<\/span><\/a><span style=\"font-weight: 400;\"> policy proposals, including tariffs, tax cuts, and deportations.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">6. Inflation finally cooled down, but the future is uncertain<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Fed\u2019s aggressive rate hikes from 2022 to 2023 finally helped bring down inflation from <\/span><a href=\"https:\/\/www.pbs.org\/newshour\/economy\/u-s-inflation-at-9-1-percent-a-record-high\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">record highs<\/span><\/a><span style=\"font-weight: 400;\">. In November this year, the inflation rate sat at <\/span><a href=\"https:\/\/www.bls.gov\/cpi\/#:~:text=News%20Releases,-CPI%20for%20all&amp;text=In%20November%2C%20the%20Consumer%20Price,over%20the%20year%20(NSA).\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">2.7%<\/span><\/a><span style=\"font-weight: 400;\">, just above the Fed\u2019s target but relatively healthy historically. The Fed responded by issuing three consecutive rate cuts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, experts <\/span><a href=\"https:\/\/www.reuters.com\/markets\/us\/fed-should-proceed-with-caution-rate-cuts-logan-says-2024-11-13\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">are wary<\/span><\/a><span style=\"font-weight: 400;\"> that inflation could increase again next year, especially if Trump\u2019s policies pan out. The Fed\u2019s <\/span><a href=\"https:\/\/www.reuters.com\/markets\/us\/fed-expected-combine-interest-rate-cut-with-hawkish-2025-outlook-2024-12-18\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">updated projections<\/span><\/a><span style=\"font-weight: 400;\"> for 2025 suggest that they plan to act with more caution and cut rates more slowly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As interest rates hovered around 0.5% for the entirety of the pandemic, inflation took off due to supply crunches and increased consumer demand. The Fed responded by raising the benchmark interest rate 11 times over the course of a year to combat inflation and cool the economy.\u00a0<\/span><\/p>\n<\/div>\n<div class=\"embed-container\"><iframe style=\"overflow: hidden;\" src=\"https:\/\/fred.stlouisfed.org\/graph\/graph-landing.php?g=1Cl33&amp;width=670&amp;height=475\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/div>\n<p><script src=\"https:\/\/fred.stlouisfed.org\/assets\/research\/fred-graph-react-508\/build\/embed.min.js\" type=\"text\/javascript\"><\/script><\/p>\n<h2><span style=\"font-weight: 400;\">7. Rents held steady<\/span><\/h2>\n<p><b>The median U.S. asking rent reached a high of $1,649 this year<\/b><span style=\"font-weight: 400;\">, similar to last year and a continued reprieve from the pandemic-era <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-rental-report-january-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">rollercoaster<\/span><\/a><span style=\"font-weight: 400;\">. Rents stayed mostly flat all year and <\/span><a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-november-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">dipped<\/span><\/a><span style=\"font-weight: 400;\"> leading into 2025. The median asking rent across all months through November averaged $1,629 \u2013 just $8 more than last year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But when paired with slowly rising wages, rentals actually became slightly more affordable. Rents for <\/span><a href=\"https:\/\/www.redfin.com\/news\/college-grad-rent-burden-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">college graduates<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/news\/teacher-housing-affordability-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">teachers<\/span><\/a><span style=\"font-weight: 400;\"> saw notable improvements.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The calmer market was driven by a <\/span><a href=\"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">surge<\/span><\/a><span style=\"font-weight: 400;\"> of new apartments completed this year after the construction boom in 2021-2022. Now, supply is outpacing demand, and new units are renting <\/span><a href=\"https:\/\/www.redfin.com\/news\/new-rentals-absorption-q3\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">more slowly<\/span><\/a><span style=\"font-weight: 400;\">. Apartment construction has since <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">slowed<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Rents fell fastest in the Sun Belt and some coastal metros<\/b><span style=\"font-weight: 400;\">, which <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-rental-report-april-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">built the most<\/span><\/a><span style=\"font-weight: 400;\"> apartments during the pandemic. <\/span><a href=\"https:\/\/www.redfin.com\/news\/rents-fall-in-florida-austin-june-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Florida and Texas<\/span><\/a><span style=\"font-weight: 400;\"> saw large drops this year. The opposite was true in <\/span><a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-october-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Rust Belt and East Coast metros<\/span><\/a><span style=\"font-weight: 400;\">, which didn\u2019t build as much and were then faced with a supply shortage.<\/span><\/p>\n<p><b>Importantly, though, rents have remained historically unaffordable since the pandemic<\/b><span style=\"font-weight: 400;\">, skyrocketing <\/span><a href=\"https:\/\/www.washingtonpost.com\/business\/interactive\/2024\/rent-average-by-county-change-rising-falling\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">by 19%<\/span><\/a><span style=\"font-weight: 400;\"> from 2019. A record <\/span><a href=\"https:\/\/www.jchs.harvard.edu\/sites\/default\/files\/reports\/files\/Harvard_JCHS_Americas_Rental_Housing_2024.pdf\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">half of all renters<\/span><\/a><span style=\"font-weight: 400;\"> spent more than a third of their income on rent this year, and <\/span><a href=\"https:\/\/www.redfin.com\/news\/survey-how-renters-afford-housing\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">22%<\/span><\/a><span style=\"font-weight: 400;\"> spent their entire paycheck. Incomes <\/span><a href=\"https:\/\/www.cbpp.org\/charts\/household-incomes-have-not-kept-pace-with-rental-costs\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">have lagged<\/span><\/a><span style=\"font-weight: 400;\"> behind rents for years, impacting low-income renters the <\/span><a href=\"https:\/\/www.census.gov\/library\/stories\/2023\/03\/low-income-renters-spent-larger-share-of-income-on-rent.html#:~:text=Low%2DIncome%20Renters%20Hardest%20Hit&amp;text=(A%20cost%20ratio%20of%2062.7,income%20quintile%20by%201.0%20point.\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">hardest<\/span><\/a><span style=\"font-weight: 400;\">. This lack of affordability, and the likelihood of facing higher rents in a new apartment, has led <\/span><a href=\"https:\/\/www.redfin.com\/news\/renter-tenure-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">many renters<\/span><\/a><span style=\"font-weight: 400;\"> to stay put.\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">According to the National Low Income Housing Coalition, the U.S. had a shortage of <\/span><a href=\"https:\/\/nlihc.org\/gap\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">7.3 million<\/span><\/a><span style=\"font-weight: 400;\"> affordable homes for low-income renters in 2024.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">In July, rents fell <\/span><a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-july-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">across all bedroom types<\/span><\/a><span style=\"font-weight: 400;\"> for the first time in four years.<\/span><\/li>\n<li>Austin, once the nation\u2019s <a style=\"font-size: 16px; background-color: #ffffff;\" href=\"https:\/\/www.redfin.com\/news\/q4-2020-housing-migration-trends\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">top migration destination<\/span><\/a><span style=\"font-weight: 400;\">, saw an <\/span><a style=\"font-size: 16px; background-color: #ffffff;\" href=\"https:\/\/www.newsweek.com\/austin-housing-market-exodus-real-estate-1881538\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">exodus<\/span><\/a><span style=\"font-weight: 400;\"> in the past year as residents <\/span><a style=\"font-size: 16px; background-color: #ffffff;\" href=\"https:\/\/www.google.com\/search?q=austin+top+migration+destination+redfin&amp;rlz=1C1GCEU_enUS987US988&amp;oq=austin+top+migration+destination+redfin&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIGCAEQRRhAMgYIAhBFGEAyBggDEEUYQNIBCDQxNjlqMGo0qAIAsAIB&amp;sourceid=chrome&amp;ie=UTF-8\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">became priced out<\/span><\/a><span style=\"font-weight: 400;\"> and too many apartments came online.<\/span><\/li>\n<\/ul>\n<div id=\"datawrapper-vis-wf1zb\" style=\"min-height: 401px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/wf1zb\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-wf1zb\"><\/script><\/div>\n<h2><\/h2>\n<h2><span style=\"font-weight: 400;\">8. New construction slowed down<\/span><\/h2>\n<p><b>The U.S. saw an average of 1.35 million new homes started monthly in 2024<\/b><span style=\"font-weight: 400;\">, down from 1.42 million in 2023 and well below 2022\u2019s 1.55 million. New single-family home construction (excluding rentals) <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/HOUST1F\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">fared similarly<\/span><\/a><span style=\"font-weight: 400;\"> to last year, peaking at 1.13 million in February.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We expect new construction to rise next year, though. \u201cThis should have a positive effect on supply in the next few years,\u201d noted <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">, Redfin Senior Economics Manager. \u201cNew construction <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/HOUST\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">has lagged<\/span><\/a><span style=\"font-weight: 400;\"> since the Great Recession but has been slowly recovering, peaking just after the pandemic. Construction dipped this year, but builder confidence <\/span><a href=\"https:\/\/www.nahb.org\/news-and-economics\/press-releases\/2024\/11\/builder-confidence-moves-higher-as-election-uncertainty-is-lifted\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">has improved<\/span><\/a><span style=\"font-weight: 400;\"> heading into 2025.\u201d<\/span><\/p>\n<p><b>However, even with post-pandemic improvements, the country is still experiencing a <\/b><a href=\"https:\/\/www.npr.org\/2022\/03\/29\/1089174630\/housing-shortage-new-home-construction-supply-chain\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><b>historic<\/b><\/a><b> shortage of affordable housing.<\/b><span style=\"font-weight: 400;\"> New construction <\/span><a href=\"https:\/\/www.ncsl.org\/human-services\/increasing-the-housing-supply-by-reducing-costs-and-barriers\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">trails well behind demand<\/span><\/a><span style=\"font-weight: 400;\">, and the U.S. has a housing shortage of between <\/span><a href=\"https:\/\/www.brookings.edu\/articles\/make-it-count-measuring-our-housing-supply-shortage\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">2-6 million units<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homebuilders have backed off since the pandemic-driven building boom, with high mortgage and interest rates hampering buyer demand and pushing up development costs. Many builders are now focused on selling the homes they have. This helps to explain why <\/span><a href=\"https:\/\/www.redfin.com\/news\/q3-2024-new-construction-homes\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">just 28%<\/span><\/a><span style=\"font-weight: 400;\"> of houses for sale in September were newly built this year \u2013 the lowest share in 3 years.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">California, Oregon, and Utah are among states that <\/span><a href=\"https:\/\/www.politico.com\/news\/2024\/06\/11\/governors-affordable-housing-00162705\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">fall the farthest short<\/span><\/a><span style=\"font-weight: 400;\"> of projected housing needs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Housing completions fared slightly better than starts, with an annualized rate of <\/span><a href=\"https:\/\/www.census.gov\/construction\/nrc\/pdf\/newresconst.pdf\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">1,601,000<\/span><\/a><span style=\"font-weight: 400;\"> in November \u2013 a 0.2% year-over-year decrease.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Permits to build single-family homes <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/PERMIT1\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">increased<\/span><\/a><span style=\"font-weight: 400;\"> this year, but are still <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">well below<\/span><\/a><span style=\"font-weight: 400;\"> post-pandemic highs.\u00a0<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Data was seasonally adjusted through October 2024.\u00a0<\/span><\/i><\/p>\n<h2><span style=\"font-weight: 400;\">9. Housing inventory posted major gains<\/span><\/h2>\n<p><b>On average, 1.19 million homes were listed for sale or pending every month through November in 2024, up a massive 15.8% from last year.<\/b><span style=\"font-weight: 400;\"> Monthly inventory peaked at 1.21 million homes in October.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Inventory rose for a few reasons: <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-record-high-rising-supply\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">more sellers<\/span><\/a><span style=\"font-weight: 400;\"> decided to test the market; homes sat on the market <\/span><a href=\"https:\/\/www.redfin.com\/news\/sales-speed-stale-listings-august-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">for longer<\/span><\/a><span style=\"font-weight: 400;\">; and new housing completions continued to steadily rise.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Active listings, a measure of all homes on the market, have steadily increased since mid-2023, hitting a high of 1.73 million in November. Active listings and pending sales make up the total housing inventory.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even though inventory has <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-housing-payments-fall\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">begun recovering<\/span><\/a><span style=\"font-weight: 400;\"> from chronically low supply and the <\/span><a href=\"https:\/\/www.federalreserve.gov\/econres\/notes\/feds-notes\/housing-market-tightness-during-covid-19-increased-demand-or-reduced-supply-20210708.html\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">pandemic homebuying craze<\/span><\/a><span style=\"font-weight: 400;\">, it still sits below the <\/span><a href=\"https:\/\/tradingeconomics.com\/united-states\/total-housing-inventory\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">historical normal<\/span><\/a><span style=\"font-weight: 400;\">. There <\/span><a href=\"https:\/\/news.ku.edu\/news\/article\/study-finds-us-does-not-have-housing-shortage-but-shortage-of-affordable-housing\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">aren\u2019t enough<\/span><\/a><span style=\"font-weight: 400;\"> affordable homes on the market.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Inventory is seasonally adjusted and calculated in rolling 90-day periods, e.g., January 2024 data is the three-month period from November 1, 2023, through January 31, 2024. Redfin inventory records date back to 2012.<\/span><\/i><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">10. New listings continued climbing<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In line with inventory, new listings posted major gains this year. An average of <\/span><b>544,000 homes were newly listed for sale every month in 2024, up 9% from 2023\u2019s record low<\/b><span style=\"font-weight: 400;\">. New listings have slowly improved over the past two years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The rise in listings <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-new-listings-increase-pending-sales-decline\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">took a while<\/span><\/a><span style=\"font-weight: 400;\"> to translate to sales, though, as high housing costs priced many buyers out of the market. It wasn\u2019t until <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-pending-home-sales-increase\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">later in the year<\/span><\/a><span style=\"font-weight: 400;\"> that market activity really picked up following Fed rate cuts and rises in affordability.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-february-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">peaked in February<\/span><\/a><span style=\"font-weight: 400;\">, posting the largest gain in 17 months, and <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-tours-rise\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">held strong<\/span><\/a><span style=\"font-weight: 400;\"> into December.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">New listings are seasonally adjusted and calculated in rolling 90-day periods, e.g., January 2024 data is the three-month period from November 1, 2023, through January 31, 2024. Redfin listings records date back to 2012.<\/span><\/i><\/p>\n<h2><span style=\"font-weight: 400;\">11. Months of supply continued its steady recovery<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While inventory measures the number of homes currently available for sale, months of supply measures the amount of time it would take those homes to sell. Four to five months of housing supply is considered a balanced market, with more indicating a buyer\u2019s market and fewer indicating a seller\u2019s market.\u00a0<\/span><\/p>\n<p><b>The average stock of housing supply across every month in 2023 was 2.8 months, up from 2.5 months in 2023.<\/b><span style=\"font-weight: 400;\"> The market continued to lean towards sellers, but swung closer to buyers in certain markets, especially expensive metros with limited demand. More affordable metros often saw the opposite trend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even though supply rose further in 2024, many buyers had to fight for every home; through the first eight months of the year, <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-sales-turnover-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">just 2.5%<\/span><\/a><span style=\"font-weight: 400;\"> of the nation\u2019s homes changed hands \u2013 the lowest share since at least the 1990s. The pandemic homebuying boom depleted supply, further hampered by a <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-q4-2021\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">spike in investor purchases<\/span><\/a><span style=\"font-weight: 400;\">, which has only started to recover.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSupply has slowly pulled itself out of its pandemic-infused slide and continued to gain ground this year,\u201d added Fairweather. \u201cHowever, it\u2019s still far from a balanced market. Buyers and sellers should <\/span><a href=\"https:\/\/www.redfin.com\/services\/talk-to-an-agent\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">talk with an agent<\/span><\/a><span style=\"font-weight: 400;\"> to determine how best to navigate their local market.\u201d<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Supply peaked at 3.3 months in January and fared better than last year during the homebuying season.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Supply is seasonally adjusted calculated in rolling 90-day periods, e.g., January 2024 data is the three-month period from November 1, 2023, through January 31, 2024. Redfin supply records date back to 2012.<\/span><\/i><\/p>\n<h2><span style=\"font-weight: 400;\">12. The typical home took more than a month to sell<\/span><\/h2>\n<p><b>Homes spent an average of 39 days on the market in 2024<\/b><span style=\"font-weight: 400;\"> \u2013 a day longer than 2023. Home sales continued their <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-supply-record-increase-homes-linger\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">major slowdown<\/span><\/a><span style=\"font-weight: 400;\"> from the record-breaking pace seen in 2021-2022, largely because affordability was so strained.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This slowdown was especially visible in September, when <\/span><a href=\"https:\/\/www.redfin.com\/news\/sales-speed-stale-listings-august-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">half of all homes listings<\/span><\/a><span style=\"font-weight: 400;\"> had sat on the market for more than 60 days. The trend <\/span><a href=\"https:\/\/www.redfin.com\/news\/unsold-housing-inventory-november-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">continued<\/span><\/a><span style=\"font-weight: 400;\"> into December. That was up from 43.2% in 2023. Previously in May, more than <\/span><a href=\"https:\/\/www.redfin.com\/news\/stale-inventory-may-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">three-fifths<\/span><\/a><span style=\"font-weight: 400;\"> had been on the market for 30 days, up from 60% in 2023.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, time-on-market varied widely by metro; homes in affordable metros often sold much more quickly than homes in expensive metros. For example, in May, the typical home in <\/span><a href=\"https:\/\/www.redfin.com\/city\/2832\/NY\/Buffalo\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Buffalo<\/span><\/a><span style=\"font-weight: 400;\"> sold in just 8 days, compared to 45 days in Austin. Some pricier West Coast markets, like San Jose, saw jumps in sales to close out the year, too.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As homebuying affordability <\/span><a href=\"https:\/\/www.nbcnews.com\/data-graphics\/housing-affordability-worst-and-costs-highest-rcna155285\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">worsened<\/span><\/a><span style=\"font-weight: 400;\">, people just wanted a home they could afford.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Many historically <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-november-2022\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">popular<\/span><\/a><span style=\"font-weight: 400;\"> and affordable Sun Belt cities, like Jacksonville, saw demand <\/span><a href=\"https:\/\/fortune.com\/2024\/06\/12\/housing-market-outlook-hot-metros-pandemic-crashing-cooling-demand\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">skyrocket during the pandemic<\/span><\/a><span style=\"font-weight: 400;\">. Now, they\u2019re <\/span><a href=\"https:\/\/fortune.com\/2024\/08\/01\/sunbelt-boomtowns-cooling-off-but-will-reclaim-hot-status\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">cooling off<\/span><\/a><span style=\"font-weight: 400;\"> and homes are taking longer to sell.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">May and June were the busiest months of the year, with homes spending 32 days on the market.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Even though they\u2019re slowing down, homes still sell historically quickly on average.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">13. Nearly 31% of homes were purchased with cash in 2024<\/span><\/h2>\n<p><b>30.8% of homes were purchased entirely with cash in 2024<\/b><span style=\"font-weight: 400;\"> \u2013 down from 32% last year but still historically elevated.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All-cash sales generally <\/span><a href=\"https:\/\/www.redfin.com\/news\/all-cash-homebuyers-june-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">follow the same trend<\/span><\/a><span style=\"font-weight: 400;\"> as the rise and fall of mortgage rates. When rates move down, the percentage of all-cash sales moves down; when rates go up, all cash-sales go up. So, as mortgage rates skyrocketed in 2022, all-cash purchases <\/span><a href=\"https:\/\/www.washingtonpost.com\/business\/interactive\/2024\/cash-purchase-house-real-estate-home-buyers\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">followed suit<\/span><\/a><span style=\"font-weight: 400;\">. They have remained elevated since, but are falling.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Luxury buyers and investors were <\/span><a href=\"https:\/\/www.redfin.com\/news\/q1-2024-luxury-report\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">much more likely<\/span><\/a><span style=\"font-weight: 400;\"> to pay in cash.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBy paying all cash, affluent buyers can bypass interest rates altogether and <\/span><a href=\"https:\/\/www.redfin.com\/news\/most-effective-bidding-war-strategies-2020-2021\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">secure a better deal<\/span><\/a><span style=\"font-weight: 400;\">,\u201d continued Zhao. \u201cWhile these are great benefits, they can contribute to inequality between people who own homes and people who don\u2019t, especially since investors tend to <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-q4-2023\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">gravitate<\/span><\/a><span style=\"font-weight: 400;\"> toward lower-priced homes.\u201d<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">All-cash sales slowly fell throughout the year from a February peak, as rates dipped and homebuying activity returned.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Popular, inexpensive metros saw the highest share of cash purchases.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Many of the most expensive metros saw the lowest share of all-cash purchases, including San Diego (22.1%), Virginia Beach (21.9%), and Seattle (20.7%).<\/span><\/li>\n<\/ul>\n<div id=\"datawrapper-vis-xOO0T\" style=\"min-height: 371px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/xOO0T\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-xOO0T\"><\/script><\/div>\n<div><\/div>\n<div>\n<h2><\/h2>\n<h2><span style=\"font-weight: 400;\">14. Investor purchases rebounded following two years of decline<\/span><\/h2>\n<p><b>Real estate investor purchases rose for the first time since 2022 this year, when they climbed 0.5% in March<\/b><span style=\"font-weight: 400;\">. Activity increased as the year went on and ended at <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-stabilize-q3-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">pre-pandemic levels<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 impressive, given the wild swings the industry has seen. Investor purchases surged as much as 144% year over year in 2021, then dropped as much as 47% last year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When averaging over the entire year, investor purchases slightly increased from 2023, hovering just above 17%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors generally buy homes to either sell or lease and capitalize on low construction costs and high demand. When costs are high and demand is low, investors usually slow down purchases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since mid-2022, investor market share has posted negative year-over-year growth every quarter, dropping from a record 20% in 2022 to 16% in 2023. Now that house prices are hitting new highs and the shock of high mortgage rates is in the rearview mirror, investors are reentering a <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-stabilize-q3-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">more appealing market<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Investors <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-q1-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">made more money<\/span><\/a><span style=\"font-weight: 400;\"> compared to a year ago. In March, the typical home sold by an investor went for 55% more than they bought it for.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Investors backed out of Sun Belt metros the fastest, with Fort Lauderdale (-13.1%) and Miami (-10.6%) seeing among the largest drops in purchases.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Even though investor market share has declined since the pandemic, it\u2019s still historically very high.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Multi-family homes continued to be the most popular among investors, with condos coming in second. <\/span><\/li>\n<\/ul>\n<\/div>\n<div id=\"datawrapper-vis-NjAS9\" style=\"min-height: 352px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/NjAS9\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-NjAS9\"><\/script><\/div>\n<div><\/div>\n<div>\n<h2><\/h2>\n<h2><span style=\"font-weight: 400;\">Looking forward<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The 2024 housing market was tough for many homeowners and renters, but what does Redfin predict for 2025? <\/span><b>Read our <\/b><a href=\"https:\/\/www.redfin.com\/news\/housing-market-predictions-2025\/\" data-wpel-link=\"exclude\"><b>2025 Housing Market Predictions<\/b><\/a><b> to learn more<\/b><span style=\"font-weight: 400;\">.<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>2024 was another slow year for the housing market, but with key improvements. Trends included a mortgage rate rollercoaster, easing inflation, and low housing supply. Learn everything you need to know in Redfin\u2019s year-in-review report.<\/p>\n","protected":false},"author":559,"featured_media":79257,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276,10756],"tags":[34618,34642,34453,34619],"coauthors":[34342],"class_list":["post-98248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-featured-post","tag-buying-definition","tag-mortgage","tag-national","tag-selling-definition"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>2024 Housing Market Year In Review | Redfin<\/title>\n<meta name=\"description\" content=\"2024 was another slow year for the housing market, but saw improvements. 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