As we move into the final months of 2024, it’s time to look at the latest market data and see what it means for both buyers and sellers. October’s numbers show trends in pricing, market speed, and overall demand. Whether you are actively buying, selling, or just curious about the market’s health, here is an in-depth look at the stats and insights to guide you.

Key Metrics at a Glance

1. Absorption Rate: Homes Selling Faster in October

The absorption rate, a key metric that tells us how quickly homes are selling, saw a noticeable change:

• In October, the absorption rate dropped by 8.13%, from 4.92 months in 2023 to 4.52 months in 2024. This drop means homes are moving faster, hinting at higher demand this month.
• Year-to-Date: Overall, the absorption rate increased by 5.19% compared to last year. This year-to-date figure suggests that, while October showed a faster pace, homes have generally taken a bit longer to sell in 2024 compared to 2023.

2. Average and Median List Prices: Sellers Asking for More

The average and median list prices—representing the asking prices of homes—both rose, showing strong seller confidence in the market:

• Average List Price: In October, sellers listed their homes for 5.81% more on average, with the price increasing from $836,126 in 2023 to $884,733 in 2024. Year-to-date, the average list price is also up by 6.28%, reaching $829,119 in 2024 compared to $780,153 in 2023.
• Median List Price: The middle value of list prices rose by 6.15% in October, going from $714,894 last year to $758,888 this year. Year-to-date, the median list price increased by 4.31%, suggesting that sellers across the board are asking for more as the market remains robust.

3. Average and Median Sale Prices: Buyers Paying More

When we look at sale prices—the actual prices homes are selling for—similar increases reveal themselves:

• Average Sale Price: In October, the average sale price rose by 7.47%, going from $726,144 in 2023 to $780,381 in 2024. This means buyers are paying more this year than last, with a 4.81% increase year-to-date, from $702,097 in 2023 to $735,849 in 2024.
• Median Sale Price: The median sale price also saw an increase, rising by 8.43% in October from $664,000 in 2023 to $720,000 in 2024. Year-to-date, the median price has gone up by 5.04%, reflecting higher demand and willingness among buyers to meet rising prices.

4. Days on Market (CDOM): Homes Selling Faster

The Days on Market metric, or CDOM, which shows how long homes typically stay on the market, decreased significantly in October:

• October: The average days on market dropped by 14.29%, from 77 days in 2023 to 66 days this year. This decrease points to faster sales as demand surges.
• Year-to-Date: Similarly, the year-to-date CDOM average dropped by 14.29%, showing that homes are selling more quickly overall in 2024.

Rising Prices and Faster Sales

In summary:

• Prices: Both listing and sale prices are up, indicating a stronger market in terms of home values. Buyers are paying more than last year, and sellers feel confident in setting higher asking prices.
• Sales Speed: Homes are generally selling faster, especially in October, though the year overall shows slightly slower sales compared to 2023. This acceleration in recent months could signal growing demand as we close out the year.

What This Means for Buyers and Sellers

These trends offer key takeaways for anyone thinking of entering the market:

• For Sellers: Rising sale prices and faster sales mean now is a favorable time to list. Homes are in demand, and if priced well, can move quickly.
• For Buyers: While prices have gone up, acting sooner rather than later may help avoid additional increases. A faster market means it’s crucial to be prepared to act quickly on desirable listings.

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