How Buyers Gained $74K in 2024—And What It Means for You

As we approach the end of 2024, Let’s take a quick peek at how the 2024 national housing market is shaping up compared to last year.

First up, the big headline—mortgage rates. In September, the Federal Reserve finally did a slight interest rate cut, and it’s already made a splash in the market. With rates easing up, buyers are jumping back in, and sellers are getting in on the action too. Here’s the fun part: According to Haley Jones at Realtor.com, this little rate adjustment has boosted buyer power by over $74,000 compared to last year when rates were around 8%. That means for the same monthly payment, buyers can now afford a home that’s $74,000 pricier. Kind of a big deal, right?

On the listing front, the national median list price is $429,900, which is actually down about 1% from this time last year. Plus, there are 33.2% more homes on the market, giving buyers plenty more options to choose from. More inventory + lower rates = a healthier market for everyone. Now, homes are taking a little longer to sell. The average time on the market is 53 days, up from 45 days last year. But don’t sweat it—it just means there’s a bit more breathing room for buyers to shop and sellers to prep.

So, what’s next? Experts predict we’ll see mortgage rates dip even further, home prices rise at healthy pace, and affordability continue to improve. In other words, the market is warming up without overheating—good news all around!

If you're curious about what's happening in our local area, be sure to check out our city and county wide market update videos. Thank you for tuning in and I wish you the very best this holiday season.