Seattle
(37.3%), San Jose (30.8%) and
Columbus (17.4%) See Highest Gains in New Listings this
July
SANTA
CLARA, Calif., Aug. 1, 2024
/PRNewswire/ -- According to the Realtor.com® July
housing data, the market is becoming more buyer friendly through a
combination of rising inventory levels and price cut reductions.
Homes actively for sale grew 36.6% in July
2024 relative to the same time last year, hitting a
post-pandemic high, while the share of listings with price cuts
reached 18.9%, the highest rate since October.
"The inventory scars of the pandemic-era housing market are
continuing to fade," said Danielle
Hale, Chief Economist of Realtor.com® "Although
active listings are still short of the pre-pandemic mark, we saw
the gap continue to narrow meaningfully as active listings hit a
post-pandemic high. As sellers continue to list homes and buyers
become choosier, the time a home spends on the market is extending,
thereby helping the housing market move in a more buyer-friendly
direction. In response, sellers are curbing expectations and
reducing listing prices more often which could set the stage for
more sales this fall, especially if mortgage rates continue to
decline."
July 2024 Housing Metrics –
National
|
Metric
|
Change over Jul
2023
|
Change over Jul
2019
|
|
Median List Price Per
Sq.Ft.
|
+3.1 %
|
+52.3
|
|
Median listing
price
|
+0.0% (to
$439,950)
|
+37.7 %
|
|
Active
listings
|
+36.6 %
|
-28.6 %
|
|
New listings
|
+3.6 %
|
-24.5 %
|
|
Median days on
market
|
+5 days (to 50
days)
|
-8
days
|
|
Share of active
listings with price reductions
|
+3.4 percentage
points
(to 18.9%)
|
+1.3 percentage
points
|
Inventory Hits Post-Pandemic High
July brings a
growth in inventory across the country as all four regions saw
active inventory grow year-over-year. Nationwide the total number
of homes for sale increased by 22.6%, growing for the ninth
straight month and surpassing last month's rate of 22.4%. While
inventory still sits below pre-pandemic levels, the gap between the
2017-2019 and present day levels is getting smaller. In particular,
the South and the West experienced the most gains, with a growth in
listings of 47.6% and 35.4%, respectively. The two regions are also
closing the pre-pandemic and present day gap in inventory the most,
with the South's inventory hovering 14% below pre-pandemic levels,
while the West's inventory sits at 19.4% below. There is still a
sizable difference in the gaps that need to be closed in the
Midwest and the Northeast, where inventory still sits below
pre-pandemic levels by 46.8% and 55.5%, respectively.
"In addition to seeing inventory levels rise to heights not seen
since before the pandemic, buyers are also seeing sellers cut
prices on a much larger share of homes than last year," said
Realtor.com® Senior Economist Ralph McLaughlin. "These are signs that the
housing market is healing from an unhealthy state and becoming more
balanced."
Sellers Warm Up to Listing Homes and Cutting
Prices
With the recent decrease in mortgage rates, more
sellers are getting into the market and have seemingly open minds
as the share of listings with price cuts increased to 18.9%; the
highest since October of last year. While all 50 of the top metros
saw share of listings with price cuts increase year-over-year, the
metros that saw the most include Denver (32.4%), Austin (31.4%), and Tampa (30.6%). Additionally, newly
listed homes on the market grew by 3.6% this month compared with
the same time last year, but measurably lower than June 2024's 6.6%
figure. This marks the ninth consecutive month of an increased
number of newly listed homes, leading to more options and
availability of homes for those who are eager to buy.
Homes Linger on Market Longer
While options for
homes are on the rise, the time homes are spending on the market is
also growing. This month, the typical home spent 50 days on the
market, which is the fourth month in a row where time spent on
market is more than it was during the previous year, meaning buyers
have more of an opportunity to scoop up a home they've been eyeing
than in previous months. That being said, while it's five more days
than the time the typical home spent on the market in July 2023, it's still more than a week (8 days)
less than the time spent in July from 2017-2019.
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® July Monthly Housing
Report.
July 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 July
2019
|
Median Listing
Price per Sq. Ft.
vs 2019
|
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
$424,500
|
-2.4 %
|
1.3 %
|
30.6 %
|
52.4 %
|
|
Austin-Round
Rock-Georgetown, Texas
|
$539,530
|
-6.2 %
|
-3.4 %
|
48.2 %
|
60.3 %
|
|
Baltimore-Columbia-Towson, Md.
|
$373,750
|
-0.3 %
|
1.8 %
|
10.8 %
|
27.2 %
|
|
Birmingham-Hoover,
Ala.
|
$304,998
|
2.0 %
|
1.3 %
|
13.2 %
|
26.5 %
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$868,950
|
2.2 %
|
3.2 %
|
44.8 %
|
63.3 %
|
|
Buffalo-Cheektowaga,
N.Y.
|
$289,900
|
8.2 %
|
6.2 %
|
31.8 %
|
43.5 %
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$439,400
|
-0.1 %
|
2.8 %
|
25.6 %
|
56.9 %
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$399,000
|
2.6 %
|
4.0 %
|
20.9 %
|
32.7 %
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
$362,450
|
-5.5 %
|
3.1 %
|
28.3 %
|
49.5 %
|
|
Cleveland-Elyria,
Ohio
|
$272,450
|
11.2 %
|
11.4 %
|
33.0 %
|
33.2 %
|
|
Columbus,
Ohio
|
$356,500
|
-10.7 %
|
4.6 %
|
11.1 %
|
52.4 %
|
|
Dallas-Fort
Worth-Arlington, Texas
|
$450,000
|
-4.3 %
|
0.2 %
|
26.7 %
|
44.2 %
|
|
Denver-Aurora-Lakewood,
Colo.
|
$627,450
|
-7.0 %
|
2.2 %
|
25.5 %
|
46.7 %
|
|
Detroit-Warren-Dearborn, Mich.
|
$279,950
|
4.1 %
|
5.2 %
|
7.7 %
|
30.0 %
|
|
Hartford-East
Hartford-Middletown, Conn.
|
$444,000
|
2.1 %
|
14.1 %
|
48.3 %
|
65.1 %
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
$374,938
|
-0.3 %
|
-0.1 %
|
18.1 %
|
38.5 %
|
|
Indianapolis-Carmel-Anderson, Ind.
|
$341,000
|
-1.8 %
|
3.9 %
|
21.8 %
|
54.0 %
|
|
Jacksonville,
Fla.
|
$419,000
|
-3.7 %
|
-1.0 %
|
36.0 %
|
53.0 %
|
|
Kansas City,
Mo.-Kan.
|
$410,000
|
-7.7 %
|
-2.1 %
|
32.3 %
|
46.8 %
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
$479,950
|
4.4 %
|
6.6 %
|
47.7 %
|
56.3 %
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,225,434
|
2.5 %
|
4.1 %
|
47.7 %
|
52.7 %
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
$337,400
|
3.8 %
|
3.1 %
|
21.0 %
|
42.1 %
|
|
Memphis,
Tenn.-Miss.-Ark.
|
$347,175
|
6.8 %
|
1.2 %
|
50.2 %
|
62.9 %
|
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
$535,000
|
-11.0 %
|
-8.7 %
|
33.8 %
|
45.9 %
|
|
Milwaukee-Waukesha,
Wis.
|
$400,000
|
6.7 %
|
6.5 %
|
42.0 %
|
43.9 %
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$456,495
|
-1.0 %
|
2.2 %
|
29.7 %
|
35.3 %
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$568,900
|
-4.4 %
|
2.5 %
|
51.7 %
|
65.6 %
|
|
New Orleans-Metairie,
La.
|
$329,000
|
-3.2 %
|
-2.8 %
|
13.5 %
|
25.5 %
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$777,000
|
5.4 %
|
7.2 %
|
35.1 %
|
78.3 %
|
|
Oklahoma City,
Okla.
|
$325,903
|
-6.1 %
|
0.0 %
|
27.6 %
|
44.0 %
|
|
Orlando-Kissimmee-Sanford, Fla.
|
$442,241
|
-3.8 %
|
-0.1 %
|
37.3 %
|
54.4 %
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$389,950
|
11.4 %
|
7.9 %
|
36.3 %
|
53.1 %
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
$528,450
|
-2.1 %
|
-0.7 %
|
38.1 %
|
54.0 %
|
|
Pittsburgh,
Pa.
|
$250,000
|
0.4 %
|
6.4 %
|
25.1 %
|
29.5 %
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$625,000
|
-2.3 %
|
1.6 %
|
31.6 %
|
41.1 %
|
|
Providence-Warwick,
R.I.-Mass.
|
$599,450
|
9.0 %
|
8.2 %
|
54.8 %
|
49.7 %
|
|
Raleigh-Cary,
N.C.
|
$464,012
|
-1.3 %
|
2.6 %
|
23.7 %
|
52.1 %
|
|
Richmond,
Va.
|
$466,713
|
6.1 %
|
5.3 %
|
40.4 %
|
58.2 %
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
$600,000
|
2.6 %
|
4.6 %
|
43.2 %
|
61.0 %
|
|
Rochester,
N.Y.
|
$299,900
|
15.6 %
|
15.2 %
|
30.7 %
|
43.6 %
|
|
Sacramento-Roseville-Folsom, Calif.
|
$652,500
|
-3.5 %
|
3.0 %
|
30.7 %
|
40.0 %
|
|
San Antonio-New
Braunfels, Texas
|
$349,898
|
-4.1 %
|
-2.9 %
|
19.2 %
|
38.1 %
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
$1,038,750
|
-5.4 %
|
3.7 %
|
45.9 %
|
64.8 %
|
|
San
Francisco-Oakland-Berkeley, Calif.
|
$973,875
|
-11.5 %
|
-6.5 %
|
5.1 %
|
25.9 %
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,399,750
|
-6.6 %
|
-1.4 %
|
24.1 %
|
25.5 %
|
|
Seattle-Tacoma-Bellevue, Wash.
|
$779,975
|
-4.3 %
|
-0.4 %
|
30.0 %
|
47.4 %
|
|
St. Louis,
Mo.-Ill.
|
$313,900
|
8.7 %
|
6.3 %
|
36.8 %
|
33.3 %
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$424,950
|
-5.4 %
|
-2.3 %
|
49.1 %
|
66.1 %
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$399,846
|
1.3 %
|
4.9 %
|
35.5 %
|
44.9 %
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$619,950
|
-2.4 %
|
6.0 %
|
30.5 %
|
58.5 %
|
|
|
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.
|
56.8 %
|
2.3 %
|
41
|
1
|
24.4 %
|
7.9 pp
|
|
Austin-Round
Rock-Georgetown, Texas
|
30.7 %
|
-11.0 %
|
58
|
8
|
31.4 %
|
-1.3 pp
|
|
Baltimore-Columbia-Towson, Md.
|
29.8 %
|
4.2 %
|
36
|
-1
|
15.6 %
|
3.4 pp
|
|
Birmingham-Hoover,
Ala.
|
34.7 %
|
-9.6 %
|
48
|
4
|
16.8 %
|
3.0 pp
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
28.8 %
|
11.9 %
|
38
|
2
|
14.7 %
|
2.2 pp
|
|
Buffalo-Cheektowaga,
N.Y.
|
9.9 %
|
11.6 %
|
26
|
-13
|
8.3 %
|
0.9 pp
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
59.7 %
|
12.0 %
|
37
|
-2
|
24.3 %
|
9.5 pp
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
8.9 %
|
-3.0 %
|
29
|
-7
|
13.1 %
|
1.3 pp
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
35.2 %
|
9.6 %
|
30
|
-2
|
16.8 %
|
4.7 pp
|
|
Cleveland-Elyria,
Ohio
|
10.7 %
|
2.2 %
|
32
|
-8
|
15.3 %
|
3.7 pp
|
|
Columbus,
Ohio
|
58.2 %
|
17.4 %
|
36
|
11
|
20.4 %
|
4.7 pp
|
|
Dallas-Fort
Worth-Arlington, Texas
|
51.5 %
|
3.3 %
|
43
|
6
|
30.1 %
|
5.7 pp
|
|
Denver-Aurora-Lakewood,
Colo.
|
75.1 %
|
10.5 %
|
39
|
8
|
32.4 %
|
8.9 pp
|
|
Detroit-Warren-Dearborn, Mich.
|
10.8 %
|
-5.9 %
|
32
|
-1
|
14.2 %
|
-0.9 pp
|
|
Hartford-East
Hartford-Middletown, Conn.
|
8.0 %
|
-2.6 %
|
22
|
-2
|
7.6 %
|
2.3 pp
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
35.3 %
|
-13.2 %
|
46
|
6
|
19.5 %
|
0.8 pp
|
|
Indianapolis-Carmel-Anderson, Ind.
|
27.9 %
|
-0.8 %
|
37
|
-2
|
24.7 %
|
4.9 pp
|
|
Jacksonville,
Fla.
|
73.3 %
|
15.4 %
|
57
|
7
|
27.6 %
|
8.2 pp
|
|
Kansas City,
Mo.-Kan.
|
25.5 %
|
1.5 %
|
47
|
-4
|
17.4 %
|
4.2 pp
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
-20.4 %
|
13.5 %
|
39
|
-7
|
19.9 %
|
5.8 pp
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
43.2 %
|
8.2 %
|
39
|
-3
|
13.8 %
|
4.3 pp
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
33.3 %
|
-1.0 %
|
33
|
2
|
20.3 %
|
5.3 pp
|
|
Memphis,
Tenn.-Miss.-Ark.
|
49.0 %
|
-2.6 %
|
50
|
6
|
25.2 %
|
6.0 pp
|
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
71.6 %
|
5.2 %
|
72
|
8
|
17.5 %
|
5.2 pp
|
|
Milwaukee-Waukesha,
Wis.
|
5.0 %
|
15.2 %
|
27
|
-2
|
11.6 %
|
1.5 pp
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
21.9 %
|
1.4 %
|
32
|
-4
|
15.2 %
|
1.7 pp
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
26.5 %
|
-1.1 %
|
35
|
2
|
25.1 %
|
3.4 pp
|
|
New Orleans-Metairie,
La.
|
29.6 %
|
-1.4 %
|
66
|
6
|
20.1 %
|
0.5 pp
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
3.2 %
|
2.9 %
|
50
|
-4
|
8.6 %
|
0.7 pp
|
|
Oklahoma City,
Okla.
|
35.7 %
|
15.7 %
|
44
|
1
|
22.6 %
|
3.1 pp
|
|
Orlando-Kissimmee-Sanford, Fla.
|
78.7 %
|
7.4 %
|
58
|
12
|
24.4 %
|
6.7 pp
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
13.3 %
|
-1.8 %
|
41
|
-4
|
13.5 %
|
1.8 pp
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
60.9 %
|
2.3 %
|
51
|
6
|
28.0 %
|
9.4 pp
|
|
Pittsburgh,
Pa.
|
20.4 %
|
-0.6 %
|
44
|
-3
|
18.6 %
|
3.7 pp
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
29.8 %
|
8.1 %
|
45
|
7
|
22.0 %
|
4.0 pp
|
|
Providence-Warwick,
R.I.-Mass.
|
31.1 %
|
13.8 %
|
27
|
-9
|
10.1 %
|
3.2 pp
|
|
Raleigh-Cary,
N.C.
|
50.7 %
|
5.6 %
|
38
|
-4
|
20.1 %
|
7.6 pp
|
|
Richmond,
Va.
|
39.3 %
|
9.8 %
|
37
|
-6
|
14.1 %
|
6.3 pp
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
40.8 %
|
-0.9 %
|
49
|
4
|
16.7 %
|
3.8 pp
|
|
Rochester,
N.Y.
|
8.2 %
|
-5.5 %
|
21
|
6
|
4.2 %
|
-4.4 pp
|
|
Sacramento-Roseville-Folsom, Calif.
|
48.1 %
|
-0.3 %
|
37
|
1
|
20.8 %
|
6.7 pp
|
|
San Antonio-New
Braunfels, Texas
|
45.4 %
|
1.2 %
|
53
|
3
|
27.4 %
|
3.1 pp
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
77.7 %
|
14.5 %
|
33
|
2
|
19.1 %
|
8.6 pp
|
|
San
Francisco-Oakland-Berkeley, Calif.
|
36.6 %
|
5.2 %
|
36
|
2
|
13.0 %
|
2.5 pp
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
60.7 %
|
30.8 %
|
26
|
-4
|
11.3 %
|
2.4 pp
|
|
Seattle-Tacoma-Bellevue, Wash.
|
73.5 %
|
37.3 %
|
31
|
-3
|
17.4 %
|
4.0 pp
|
|
St. Louis,
Mo.-Ill.
|
15.2 %
|
2.4 %
|
36
|
-2
|
14.2 %
|
3.1 pp
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
94.9 %
|
5.9 %
|
59
|
13
|
30.6 %
|
9.7 pp
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
33.2 %
|
0.5 %
|
34
|
1
|
20.1 %
|
7.0 pp
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
24.1 %
|
-4.1 %
|
32
|
-3
|
13.4 %
|
2.5 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).
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Media Contact
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content:https://www.prnewswire.com/news-releases/realtorcom-july-housing-report-inventory-hits-post-pandemic-high-302212065.html
SOURCE Realtor.com