The real estate market is always shifting, influenced by economic factors, buyer preferences, and demographic changes. At Blok & Blvd Realty Group, we’re here to break down the most important trends from the 2024 Profile of Home Buyers and Sellers and the latest October 2024 market data. Whether you're buying your first home or preparing to sell, understanding these updates can help you make informed decisions.
Take a Full Look at the National Market Insite Report Nov. 2024 and our Market Seasonality Report
October 2024 Market Highlights
Sales and Pricing Trends
- Home Sales: Existing-home sales rose 5.5% from September and 5% year over year from October 2023.
- Prices:
- Median single-family home prices increased by 4.1% year over year.
- Condo/co-op prices grew at a slower pace, up 1.6% year over year.
Inventory and Listing Trends
- Inventory levels reached their highest in four years, though they remain below pre-pandemic levels.
- 19% more listings were on the market compared to October 2023.
- Price reductions in October were up 17% year over year, highlighting the need for strategic pricing.
Market Activity
- Homes were on the market for a median of 29 days (compared to 23 days last year).
- 59% of sales closed within a month, down from 66% in 2023.
- Homes received an average of 2.5 offers, showing continued buyer interest despite rising rates.
Economic Influences
- Mortgage rates hovered just below 7%, creating challenges for affordability.
- Consumer confidence reached a six-month high, while inflation showed slight increases.
Who’s Buying and Selling in 2024?
Buyer Profile
- First-Time Buyers: Median age is now 38 years, the highest on record.
- Repeat Buyers: Median age is 61 years, reflecting longer homeownership periods.
- Buyer Demographics:
- 62% were married couples.
- 20% were single females, a growing segment.
- 8% were single males, and 6% were unmarried couples.
Seller Profile
- The median seller age is 63 years, also a historic high.
- Sellers typically lived in their homes for 10 years before selling, with most moving to be closer to friends and family.
Why Are Buyers Purchasing?
People buy homes for many reasons, including:
- Owning their first home.
- Changes in family or employment circumstances.
- Downsizing or upsizing needs.
- Building long-term wealth.
Trends to Watch in 2024
Multi-Generational Living
- 17% of buyers purchased multi-generational homes, driven by:
- Care for aging parents (25%).
- Cost-sharing (36%).
- Housing adult children (41%).
Neighborhood Preferences
- 59% of buyers prioritized the quality of the neighborhood.
- 45% wanted to be close to friends and family.
- 36% focused on affordability as a key factor.
All-Cash Purchases
- A record-high 26% of buyers paid in cash, indicating increased activity from investors and affluent buyers.
What Does This Mean for Buyers and Sellers?
For Buyers:
- More Options: With inventory levels at a four-year high, you have more properties to choose from. Take advantage of homes with longer days on the market to negotiate favorable terms.
- Strategic Financing: Rising interest rates mean it’s essential to secure the best possible mortgage terms and understand your long-term affordability.
- Seasonal Opportunities: December typically allows buyers to negotiate more aggressively, especially on homes with price reductions or extended market times.
For Sellers:
- Price Smart: Higher inventory and price reductions mean overpricing your home can deter buyers. Set a competitive price from the start to attract offers.
- Stand Out: A competitive market calls for exceptional presentation. Focus on staging, high-quality photos, and targeting the right audience.
- Understand Buyer Needs: Cater to demographic trends such as multi-generational living or senior homebuyers, depending on your property’s features.
Disclosure
A national report is a generalization of values, conditions, and trends across thousands of different markets. Data is sourced from deemed reliable providers but may contain errors and is subject to revision. Figures for the last period are often labeled preliminary. All numbers are approximate and should be verified based on local market conditions.
Partner with Blok & Blvd Realty Group
At Blok & Blvd Realty Group, we understand that buying or selling a home is one of the biggest decisions you'll make. Our team is here to provide expert guidance tailored to your goals, helping you navigate today’s market with confidence.
Thinking about your next move? Contact Blok & Blvd Realty Group today, and let’s make your real estate journey a success!
