Realtor.com® January Housing Report: January 2024 Marks the Third Consecutive Month of Annual Inventory Growth

Data Showed a 2.8% Increase in Newly Listed Homes for Sale Compared to the Same Time Last Year

SANTA CLARA, Calif., Feb. 1, 2024 /PRNewswire/ -- Sellers became more eager this January as new data indicated they're getting ready to sell, if not already there. The number of homes actively for sale was notably higher compared to last year, growing by 7.9%, according to the Realtor.com^® January Housing Report released today. With the rise in inventory, median listing prices remained relatively stable, experiencing a growth of 1.4% compared to the same time last year, while time spent on market dropped to more than two weeks shorter than pre-pandemic levels.

"We are seeing increases in inventory and, importantly, gains in newly listed homes for sale indicating sellers are more ready to make moves. Time on market fell, signaling that buyers are ready to make offers on these new options," said Danielle Hale, Chief Economist of Realtor.com^®. "While the drop in mortgage rates since last fall has helped boost buyer purchasing power, rates may not fall as quickly in the months ahead, and the anticipated improvement in affordability may be more uneven."

January 2024 Housing Metrics – National

Metric	Change over Jan 2023	Change over Jan 2019
Median listing price	+1.4% (to $410,000)	+41.5 %
Active listings	+7.9 %	-40.1 %
New listings	+2.8 %	-26.0 %
Median days on market	-4 days (to 69 days)	-13 days
Share of active listings with price reductions	-1.3 percentage points (to 14.7%)	-1.4 percentage points

New Listings Increase
In January, more than half of the 50 metros included in the analysis saw new listings increase over the previous year, with some of the largest growth happening in Denver (+21.3%), Seattle (+20.6%) and Miami (+20.2%). On the flip side, there were places that also saw declines in new listings including Chicago (-16.4%), New Orleans (-14.7%), and Philadelphia (-12.9%).

Grab 'em While They're Hot
Compared to January 2023, the typical home spent four less days on the market. In some spots, the time spent on the market decreased even more with Las Vegas (-19 days), Phoenix (-14 days) and San Francisco (-13 days) seeing the most decline. Other areas saw an increase in time on market including Indianapolis (+6 days), New Orleans (+4 days), and Birmingham, Ala. (+3 days). Only a handful of markets saw an increase over the typical 2017-2019 pre-pandemic time on market. These include the major west coast tech hub of San Francisco (+9 days), as well as Seattle (+9 days), Denver (+7 days), Portland, Ore. (+4 days), Austin, Texas (+3 days), San Antonio (+3 days), Los Angeles (+3 days) and San Jose, Calif. (+1 day).

Listing Price Inches Higher
Buyers are looking at slight price increases and higher mortgage rates compared to last January. The cost of financing the typical home, assuming a 20% down payment, increased by roughly $108 (5.4%) per month compared to a year ago. With this increase, the required household income to purchase the median-priced home went up by $4,300 to $84,000, before accounting for the cost of tax and insurance. However, as interest rates are falling and listing prices growth has remained muted, the increase in the monthly cost to purchase a home has slowed, down from 6.1% year-over-year last month to January's increase of 5.4%.

Additional details and full analysis of the market inventory levels, price fluctuations and stabilization, as well as days on market tallies can be found in the Realtor.com^® January Monthly Housing Report.

January 2024 Housing Overview by Top 50 Largest Metros

Metro Area	Median Listing Price	Median Listing Price YoY	Median Listing Price per Sq. Ft. YoY	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.	$410,000	2.5 %	4.0 %	1.8 %	6.2 %	56	-10	15.9 %	-3.0 pp
Austin-Round Rock-Georgetown, Texas	$545,000	4.4 %	3.0 %	2.0 %	-11.5 %	77	-2	22.1 %	-9.3 pp
Baltimore-Columbia-Towson, Md.	$328,000	2.3 %	5.6 %	-4.6 %	-3.0 %	53	-4	12.3 %	-1.5 pp
Birmingham-Hoover, Ala.	$285,000	5.5 %	5.8 %	16.0 %	2.7 %	71	3	14.3 %	-1.6 pp
Boston-Cambridge-Newton, Mass.-N.H.	$810,000	6.6 %	11.3 %	-8.9 %	-3.6 %	53	-8	8.9 %	-1.3 pp
Buffalo-Cheektowaga, N.Y.	$240,000	6.7 %	8.5 %	-1.7 %	-12.6 %	68	-3	6.1 %	-1.5 pp
Charlotte-Concord-Gastonia, N.C.-S.C.	$400,000	1.3 %	5.7 %	-5.9 %	7.4 %	59	-8	17.0 %	-2.2 pp
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	$350,000	7.0 %	6.3 %	-18.2 %	-16.4 %	56	-5	9.4 %	-2.1 pp
Cincinnati, Ohio-Ky.-Ind.	$330,000	0.7 %	6.1 %	19.5 %	10.0 %	54	-1	13.7 %	1.3 pp
Cleveland-Elyria, Ohio	$215,000	13.1 %	9.2 %	-4.4 %	-4.9 %	58	-2	14.7 %	1.0 pp
Columbus, Ohio	$370,000	6.3 %	6.8 %	12.3 %	3.4 %	55	0	17.5 %	-1.3 pp
Dallas-Fort Worth-Arlington, Texas	$431,000	-0.7 %	1.5 %	7.6 %	2.9 %	63	-2	19.3 %	-3.4 pp
Denver-Aurora-Lakewood, Colo.	$600,000	0.0 %	6.4 %	11.4 %	21.3 %	63	-2	15.1 %	-1.9 pp
Detroit-Warren-Dearborn, Mich.	$229,000	1.0 %	2.3 %	-13.5 %	-1.3 %	50	-12	10.8 %	-5.8 pp
Hartford-East Hartford-Middletown, Conn.	$394,000	5.7 %	6.8 %	-5.1 %	-8.1 %	52	-4	6.9 %	0.7 pp
Houston-The Woodlands-Sugar Land, Texas	$359,000	1.1 %	2.0 %	9.7 %	7.9 %	59	-5	15.5 %	-2.5 pp
Indianapolis-Carmel-Anderson, Ind.	$310,000	7.0 %	6.8 %	6.6 %	-3.9 %	67	6	18.1 %	0.5 pp
Jacksonville, Fla.	$405,000	5.2 %	5.4 %	8.5 %	9.8 %	66	-7	20.9 %	-2.8 pp
Kansas City, Mo.-Kan.	$418,000	-3.4 %	-1.2 %	-1.5 %	-8.5 %	76	-6	10.9 %	-0.4 pp
Las Vegas-Henderson-Paradise, Nev.	$460,000	4.5 %	5.2 %	-42.9 %	-7.0 %	59	-19	14.1 %	-11.6 pp
Los Angeles-Long Beach-Anaheim, Calif.	$1,100,000	17.2 %	9.9 %	-13.3 %	13.6 %	57	-11	8.2 %	-3.4 pp
Louisville/Jefferson County, Ky.-Ind.	$308,000	3.2 %	5.1 %	7.4 %	-10.4 %	53	-2	15.7 %	-1.7 pp
Memphis, Tenn.-Miss.-Ark.	$320,000	-1.4 %	3.5 %	28.8 %	-4.8 %	73	2	18.4 %	0.6 pp
Miami-Fort Lauderdale-Pompano Beach, Fla.	$565,000	-5.1 %	1.1 %	25.4 %	20.2 %	68	-4	18.2 %	2.6 pp
Milwaukee-Waukesha, Wis.	$342,000	-2.3 %	1.0 %	4.6 %	-9.1 %	46	-9	10.2 %	-4.1 pp
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	$425,000	1.4 %	1.3 %	6.6 %	15.2 %	57	-3	9.1 %	-1.3 pp
Nashville-Davidson-Murfreesboro-Franklin, Tenn.	$560,000	10.0 %	6.3 %	-4.7 %	-7.9 %	46	-7	14.9 %	-4.9 pp
New Orleans-Metairie, La.	$325,000	0.0 %	0.2 %	28.5 %	-14.7 %	84	4	17.5 %	-0.7 pp
New York-Newark-Jersey City, N.Y.-N.J.-Pa.	$742,000	11.9 %	17.3 %	-12.2 %	-4.3 %	79	-3	6.9 %	-1.6 pp
Oklahoma City, Okla.	$320,000	-5.7 %	-0.5 %	16.3 %	1.6 %	59	-5	19.5 %	3.4 pp
Orlando-Kissimmee-Sanford, Fla.	$435,000	1.3 %	2.6 %	27.3 %	9.5 %	66	-6	20.3 %	-0.8 pp
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	$337,000	4.8 %	6.1 %	-9.6 %	-12.9 %	66	-2	11.6 %	-2.0 pp
Phoenix-Mesa-Chandler, Ariz.	$535,000	11.6 %	4.1 %	-15.3 %	-3.4 %	60	-14	23.1 %	-8.0 pp
Pittsburgh, Pa.	$235,000	17.5 %	13.5 %	3.5 %	6.9 %	79	-7	15.0 %	-0.9 pp
Portland-Vancouver-Hillsboro, Ore.-Wash.	$604,000	1.1 %	3.3 %	11.8 %	5.0 %	71	-1	11.6 %	-5.1 pp
Providence-Warwick, R.I.-Mass.	$505,000	6.3 %	1.0 %	-9.5 %	2.8 %	54	1	8.0 %	-2.1 pp
Raleigh-Cary, N.C.	$440,000	-1.3 %	5.1 %	-17.1 %	2.3 %	63	-11	11.6 %	-6.5 pp
Richmond, Va.	$443,000	16.2 %	8.1 %	4.6 %	1.5 %	61	2	8.3 %	-1.8 pp
Riverside-San Bernardino-Ontario, Calif.	$585,000	4.5 %	7.5 %	-11.8 %	16.1 %	64	-10	12.4 %	-4.1 pp
Rochester, N.Y.	$247,000	6.0 %	7.5 %	-8.2 %	-0.4 %	33	-10	6.7 %	-1.1 pp
Sacramento-Roseville-Folsom, Calif.	$630,000	5.9 %	4.9 %	-19.5 %	14.3 %	55	-12	11.4 %	-5.0 pp
San Antonio-New Braunfels, Texas	$336,000	-3.3 %	-0.5 %	24.4 %	15.7 %	76	-3	21.5 %	-1.5 pp
San Diego-Chula Vista-Carlsbad, Calif.	$977,000	8.0 %	14.2 %	-5.7 %	18.8 %	43	-11	10.0 %	-2.1 pp
San Francisco-Oakland-Berkeley, Calif.	$944,000	-3.5 %	-1.0 %	-9.6 %	18.2 %	49	-13	7.0 %	-3.7 pp
San Jose-Sunnyvale-Santa Clara, Calif.	$1,288,000	-4.5 %	-4.4 %	-19.1 %	9.0 %	42	-12	5.1 %	-4.0 pp
Seattle-Tacoma-Bellevue, Wash.	$749,000	3.1 %	6.5 %	-9.7 %	20.6 %	59	-6	7.9 %	-7.5 pp
St. Louis, Mo.-Ill.	$277,000	2.8 %	3.4 %	9.4 %	-3.4 %	59	-5	13.4 %	-0.7 pp
Tampa-St. Petersburg-Clearwater, Fla.	$419,000	4.9 %	6.3 %	20.1 %	12.0 %	64	-1	25.0 %	-1.1 pp
Virginia Beach-Norfolk-Newport News, Va.-N.C.	$375,000	2.2 %	6.6 %	4.3 %	-1.9 %	50	-3	14.8 %	1.5 pp
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	$590,000	3.8 %	6.4 %	-13.3 %	-5.0 %	53	-6	9.1 %	-3.1 pp

Methodology
Realtor.com^® housing data as of January 2024. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/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. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB). With the publication of the January 2023 data, metro-level data has reverted to the prior OMB metro area definitions, published March 2020, and historical data has been revised to be consistent over time. Realtor.com^® plans to adopt the July 2023 vintage definitions after other data providers have, so geographies are consistent with commonly used 3rd party sources. For example, the American Community Survey plans to update with the release of its 2023 estimates.

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