Holiday Slowdown Arrives in December with Some Silver Linings For Buyers
Rhea-AI Summary
December 2024 showed a 22.0% increase in active home listings compared to the previous year, marking the 14th consecutive month of inventory growth. The median listing price decreased by 1.8% to $402,502, while newly listed homes increased by 0.9% year-over-year.
Homes spent an average of 70 days on the market, representing the slowest December since 2019. Among the top 50 metros, Miami (45.4%), San Diego (42.4%), and Denver (41.9%) led in active listing growth. The price per square foot rose by 1.3% nationally, with some metros experiencing significant increases, notably Cleveland (13.9%) and Hartford (12.9%).
The housing market showed signs of a seasonal slowdown, influenced by both holiday patterns and mortgage rates in the high 6% range. Despite this, increased inventory and slower market pace could present opportunities for winter buyers ahead of the spring season.
Positive
- 22.0% year-over-year growth in homes actively for sale
- 0.9% increase in newly listed homes compared to last year
- 1.3% increase in median price per square foot nationally
- Inventory continuing to move closer to pre-pandemic levels
Negative
- 1.8% decrease in median listing price to $402,502
- Slower market pace with homes spending 70 days on market (9 days longer than last year)
- Inventory still 15.7% below pre-pandemic levels
- Decline in seller activity from November's 2.0% to December's 0.9% growth
Insights
The December housing data reveals significant shifts in market dynamics. The 22.0% year-over-year increase in active listings, coupled with a 0.9% rise in new listings, signals improving inventory conditions. However, the
Key markets like Miami (
The December data presents a complex economic picture. The
Regional variations are striking - while most areas show increased marketing times, the South (-4 days), Midwest (-17 days) and Northeast (-19 days) remain more competitive than pre-pandemic levels. The divergent price trends across metros, from Cleveland's
The seasonal slowdown is amplified by high mortgage rates in the 6% range, creating a distinctive market environment. The
Notable is the resilience in square footage values, with a
- Inventory of homes actively for sale grew for the 14th straight month
- December brought
0.9% more newly listed homes compared to the same time last year - Homes spent 70 days on the market, the slowest December in five years
"December is traditionally a slower time for the market, as people settle in for the holidays, and we expect to see a seasonal downturn each year. Compounding this, mortgage rates are hovering in the high 6s, following a strikingly different trend than at this time last year," said Danielle Hale, Chief Economist, Realtor.com®. "Nevertheless, the number of homes for sale grew compared to last December. Further, growing activity in newly listed homes and a slower market pace could spell opportunity for winter buyers who want to get ahead of the busier spring season."
December 2024 Housing Metrics – National
Metric | Change over Dec. 2023 | Change over Dec. 2019 |
Median listing price | - | +34.2 % |
Active listings | +22.0 % | -15.7 % |
New listings | +0.9 % | -11.0 % |
Median days on market | +9 days (to 70 days) | -7 days |
Share of active listings with price | +0.2 percentage points (to | +2.4 percentage points |
Median List Price Per Sq.Ft. | +1.3 % | +49.0 % |
A Slow, but Improved, December as Inventory Ticks Up
While homes actively for sale grew for the 14th straight month in December, the year-over-year growth of
More Time for Homebuyers as December Days on Market Hits 2024 High
Homes sat on the market for longer this December, compared to the same time last year, with the typical home spending 70 days on market, which is seven more days than last December and six more days than November 2024. Homebuyers may want to take note: days on market make this December the slowest December since 2019 and overall, the slowest month of 2024.
Out of the 50 largest metros, 46 saw time on market go up in December. Specifically,
Increase in Price per Square Foot
Price per square foot continues to rise, experiencing a
December 2024 Housing Overview of the 50 Largest Metros
Metro Area | Median Listing | Median Listing | Median Listing | Median Listing | Median Listing |
-3.6 % | -0.6 % | 25.8 % | 47.9 % | ||
-7.7 % | -5.3 % | 42.4 % | 51.8 % | ||
1.4 % | 0.9 % | 15.5 % | 27.8 % | ||
0.0 % | 0.0 % | 14.1 % | 28.6 % | ||
0.2 % | 3.4 % | 36.0 % | 56.6 % | ||
0.4 % | 4.0 % | 31.6 % | 46.5 % | ||
5.6 % | 1.2 % | 25.8 % | 54.8 % | ||
-0.7 % | 1.9 % | 16.2 % | 31.1 % | ||
-4.8 % | 3.4 % | 23.2 % | 50.5 % | ||
9.1 % | 13.9 % | 33.4 % | 52.8 % | ||
-2.9 % | 3.3 % | 27.1 % | 52.6 % | ||
-2.9 % | -0.3 % | 25.1 % | 41.7 % | ||
-5.4 % | -1.1 % | 16.1 % | 34.1 % | ||
6.2 % | 1.4 % | 11.1 % | 27.1 % | ||
2.6 % | 12.9 % | 37.9 % | 66.8 % | ||
0.4 % | -0.3 % | 20.5 % | 36.4 % | ||
1.6 % | 2.4 % | 21.2 % | 49.6 % | ||
-5.7 % | -2.2 % | 28.2 % | 45.9 % | ||
-7.5 % | -1.2 % | 17.9 % | 37.9 % | ||
1.9 % | 4.6 % | 46.5 % | 53.9 % | ||
-0.5 % | 1.6 % | 29.5 % | 42.8 % | ||
1.7 % | 1.9 % | 27.1 % | 37.7 % | ||
3.5 % | -0.4 % | 41.9 % | 57.6 % | ||
-9.9 % | -6.6 % | 30.7 % | 39.8 % | ||
6.7 % | 8.5 % | 41.0 % | 46.6 % | ||
0.7 % | -0.1 % | 20.9 % | 28.0 % | ||
-3.9 % | 0.2 % | 46.2 % | 60.3 % | ||
0.0 % | -1.2 % | 16.7 % | 25.5 % | ||
2.0 % | 1.5 % | 30.4 % | 66.8 % | ||
-3.1 % | -0.1 % | 24.0 % | 37.5 % | ||
-4.3 % | -2.4 % | 32.5 % | 51.4 % | ||
5.3 % | 5.4 % | 25.4 % | 48.9 % | ||
-5.1 % | 0.6 % | 31.6 % | 49.4 % | ||
-1.7 % | 3.2 % | 23.7 % | 30.8 % | ||
-0.5 % | 0.5 % | 28.0 % | 38.1 % | ||
5.0 % | 5.9 % | 41.9 % | 44.1 % | ||
-0.4 % | 1.0 % | 23.5 % | 49.6 % | ||
-2.3 % | 2.9 % | 30.1 % | 55.0 % | ||
3.1 % | 0.9 % | 47.4 % | 56.2 % | ||
3.0 % | 4.4 % | 28.8 % | 38.2 % | ||
-1.6 % | -0.5 % | 24.2 % | 34.6 % | ||
-1.7 % | -1.9 % | 18.3 % | 33.7 % | ||
-1.6 % | -0.5 % | 34.5 % | 52.6 % | ||
-10.9 % | -6.5 % | -1.1 % | 17.9 % | ||
-2.3 % | -0.9 % | 17.0 % | 24.0 % | ||
-3.3 % | 2.0 % | 24.9 % | 46.6 % | ||
0.9 % | -0.1 % | 32.0 % | 27.4 % | ||
-6.0 % | -5.5 % | 41.3 % | 56.9 % | ||
3.3 % | 5.2 % | 29.6 % | 45.6 % | ||
-2.1 % | 3.4 % | 21.8 % | 51.5 % |
Metro Area | Active Listing | New Listing | Median Days | Median Days | Price– | Price- |
38.3 % | 17.8 % | 65 | 12 | 16.2 % | +3.2 pp | |
13.0 % | -14.2 % | 80 | 6 | 16.1 % | -3.9 pp | |
17.5 % | 5.4 % | 49 | 3 | 12.3 % | -0.7 pp | |
19.0 % | 17.1 % | 69 | 8 | 12.6 % | -2.5 pp | |
1.1 % | -18.2 % | 60 | 7 | 8.9 % | -0.2 pp | |
17.0 % | -14.1 % | 61 | 2 | 5.8 % | +0.3 pp | |
33.6 % | 3.6 % | 63 | 10 | 16.0 % | +3.1 pp | |
6.4 % | 11.8 % | 51 | 1 | 10.2 % | -1.8 pp | |
18.2 % | -11.0 % | 52 | 8 | 12.5 % | 1.5 pp | |
3.7 % | -19.1 % | 55 | 4 | 13.0 % | -0.7 pp | |
24.9 % | -1.5 % | 56 | 7 | 17.7 % | -0.3 pp | |
31.1 % | 14.7 % | 66 | 8 | 17.4 % | +0.0 pp | |
41.9 % | 0.8 % | 74 | 13 | 24.1 % | +11.5 pp | |
8.0 % | -1.6 % | 50 | -1 | 11.8 % | -0.4 pp | |
3.4 % | -9.0 % | 49 | 4 | 7.4 % | +0.6 pp | |
24.5 % | 9.0 % | 59 | 3 | 13.6 % | +0.5 pp | |
12.1 % | 0.4 % | 60 | 3 | 16.9 % | -2.2 pp | |
36.8 % | 2.5 % | 78 | 17 | 17.9 % | +2.9 pp | |
12.2 % | 1.6 % | 68 | 4 | 11.6 % | +1.7 pp | |
41.5 % | 16.3 % | 63 | 9 | 15.5 % | +0.7 pp | |
26.3 % | -7.1 % | 63 | 9 | 9.0 % | +1.5 pp | |
13.4 % | 11.2 % | 51 | 3 | 15.3 % | -2.7 pp | |
18.5 % | -10.2 % | 73 | 10 | 15.5 % | -3.0 pp | |
45.4 % | 11.3 % | 79 | 18 | 14.7 % | +0.7 pp | |
6.0 % | -16.0 % | 45 | 1 | 11.6 % | -3.1 pp | |
8.0 % | 0.5 % | 59 | 5 | 10.1 % | -0.3 pp | |
17.1 % | 3.6 % | 66 | 22 | 11.9 % | -3.1 pp | |
12.4 % | -11.6 % | 83 | 6 | 12.3 % | -0.3 pp | |
0.3 % | 6.4 % | 73 | 2 | 4.6 % | -1.3 pp | |
28.4 % | -4.1 % | 58 | 0 | 15.2 % | -2.6 pp | |
42.4 % | -8.5 % | 80 | 22 | 17.0 % | +0.4 pp | |
6.4 % | -5.9 % | 57 | 1 | 10.9 % | -1.1 pp | |
32.8 % | 5.2 % | 66 | 13 | 21.2 % | +0.3 pp | |
14.4 % | -10.0 % | 69 | 3 | 12.2 % | -1.0 pp | |
13.0 % | -6.7 % | 80 | 14 | 20.8 % | +8.7 pp | |
4.3 % | -9.2 % | 49 | 4 | 16.6 % | +7.8 pp | |
27.0 % | -1.8 % | 70 | 7 | 11.6 % | +0.7 pp | |
10.1 % | 2.2 % | 54 | 0 | 10.5 % | +1.5 pp | |
32.8 % | -1.9 % | 66 | 7 | 11.1 % | +0.4 pp | |
1.4 % | -27.6 % | 56 | 21 | 3.9 % | -5.9 pp | |
22.1 % | -8.2 % | 62 | 10 | 11.8 % | +0.9 pp | |
16.1 % | 3.8 % | 74 | 6 | 17.7 % | -0.8 pp | |
41.2 % | 0.0 % | 55 | 11 | 10.9 % | +0.2 pp | |
14.0 % | -3.6 % | 64 | 6 | 7.9 % | +0.4 pp | |
-1.0 % | -18.5 % | 50 | 7 | 7.2 % | +1.1 pp | |
18.1 % | -7.4 % | 63 | 6 | 10.5 % | +1.2 pp | |
9.6 % | -3.2 % | 58 | 5 | 12.9 % | +1.4 pp | |
27.0 % | 8.0 % | 72 | 15 | 19.6 % | -0.2 pp | |
17.7 % | 16.9 % | 47 | 2 | 14.4 % | -3.2 pp | |
19.9 % | -3.5 % | 50 | 0 | 10.8 % | +1.0 pp |
Methodology
Realtor.com® housing data as of December 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
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: Asees Singh, press@realtor.com
View original content:https://www.prnewswire.com/news-releases/holiday-slowdown-arrives-in-december-with-some-silver-linings-for-buyers-302344836.html
SOURCE Realtor.com
FAQ
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