Realtor.com® June Housing Report: The 50 Largest Markets Experience Inventory Growth Compared to Last Year
Tampa (92.7%), Orlando (81.8%) and Phoenix (77.3%) See Highest Increases in Inventory
SANTA CLARA, Calif., July 9, 2024 /PRNewswire/ -- According to the Realtor.com® June housing data, the number of homes actively for sale grew for an eighth straight month, increasing by 36.7% year-over-year, while the median home spent 45 days on market, an increase of two days compared to last year. Both factors contribute to a slight directional shift towards a buyer-friendly market.
"While the quantity of homes on the market still trails pre-pandemic levels, home buyers are seeing more options to choose from as inventory increases," said Danielle Hale, Chief Economist, Realtor.com®. "The combination of more for-sale homes and longer time on the market is beneficial for home shoppers as they have more selection and don't need to feel as rushed in picking a place to call home. Whether this translates into more home sales will likely hinge on how mortgage rates impact affordability in the second half of the year."
June 2024 Housing Metrics – National
Metric | Change over Jun 2023 | Change over Jun 2019 |
Median List Price Per Sq.Ft. | +3.4 % | +52.6 |
Median listing price | +0.0% (to $445,000) | +39.1 % |
Active listings | +36.7 % | -31.1 % |
New listings | +6.3 % | -24.4 % |
Median days on market | +2 days (to 45 days) | -8 days |
Share of active listings with price reductions | +4.2 percentage points (to 18.3%) | +1.3 percentage points |
The South and the West Lead the Way for Inventory Growth
All four regions saw inventory increases over the previous year, but the South and the West led the way with highest growth, experiencing an increase in inventory of 48.7% and 36.5%, respectively. The Midwest (21%) and Northeast (11.8%) followed behind. When comparing inventory levels to pre-pandemic, much of the nation still sits well below their inventory levels from typical 2017-2019, with the exception of a few metros in the South, namely Austin (+41.3%), San Antonio (+24.1%), and Memphis (+22.3%).
"Despite some slightly more buyer-friendly signs, sellers are still engaged and more homes are being listed compared to a year ago," said Ralph McLaughlin, Sr. Economist Realtor.com®. "While sellers are responding to market signals by cutting prices more frequently, data suggests they aren't calling it quits and pulling their homes off of the market. Despite these cuts, price growth is hanging around at high enough rates to keep sellers in the game."
List Prices Rise in the West, Northeast and Midwest but Fall in the South
Relative to June 2023, list prices are on the rise in the Northeast (+5.9%), Midwest (3%), and West (+1.3%). Among large metros, the median list price in Cleveland (+15.7%), Philadelphia (+12.8%), and Providence (+9.0%) saw the biggest increases. However, for home shoppers in the South prices fell 1.9% compared to this time last year; welcomed news for the region where inventory has grown the most, which yields not only more options for buyers but helps keep price growth lower.
Buyers Take a Beat: Homes Are Spending More Time on Market
In June 2024, the typical home spent 45 days on the market, which is two days more than the same time last year, one more day than May 2024 and the third straight month where the time spent on market increased. In light of this increase, all regions are still seeing time on the market below pre-pandemic levels although the West is very close, where homes are spending only one day less on the market compared with the typical June from 2017 to 2019. Time on the market was still significantly lower for the rest of the regions, including the South (-8 days), the Midwest (-10 days), and the Northeast (-15 days) compared to pre-pandemic levels.
For home buyers, tools like the Realtor.com® Discover Feed can help active home seekers organize their search results and information in a simplified way for easy accessibility and viewing in the Realtor.com® app.
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® June Monthly Housing Report.
June 2024 Housing Overview of the 50 Largest Metros
Metro Area | Median Listing | Median Listing | Median Listing | Median Listing | Median Listing |
$425,000 | -2.5 % | 1.8 % | 30.0 % | 52.7 % | |
$554,500 | -4.4 % | -1.6 % | 50.7 % | 63.2 % | |
$369,947 | 1.4 % | 0.9 % | 8.8 % | 24.5 % | |
$303,450 | 1.2 % | 1.4 % | 13.7 % | 26.5 % | |
$883,500 | 1.7 % | 6.1 % | 47.3 % | 67.9 % | |
$299,900 | 8.5 % | 7.4 % | 34.3 % | 46.8 % | |
$442,948 | 0.7 % | 3.6 % | 23.5 % | 56.5 % | |
$399,900 | 5.2 % | 6.1 % | 18.9 % | 32.3 % | |
$382,450 | -1.9 % | 4.3 % | 33.7 % | 51.8 % | |
$287,000 | 15.7 % | 15.0 % | 36.7 % | 32.3 % | |
$399,999 | 0.0 % | 5.1 % | 23.2 % | 53.5 % | |
$459,046 | -3.4 % | 0.5 % | 27.3 % | 45.0 % | |
$639,250 | -6.0 % | 1.6 % | 24.1 % | 46.9 % | |
$274,950 | 1.8 % | 2.3 % | 4.4 % | 25.9 % | |
$449,900 | 2.5 % | 12.3 % | 47.5 % | 63.5 % | |
$371,450 | -1.7 % | -0.2 % | 15.1 % | 38.3 % | |
$352,743 | 0.8 % | 3.9 % | 26.0 % | 56.1 % | |
$424,500 | -3.3 % | -0.4 % | 36.2 % | 53.9 % | |
$432,000 | -5.0 % | -2.2 % | 32.9 % | 47.5 % | |
$484,944 | 6.6 % | 7.7 % | 49.5 % | 56.2 % | |
$1,249,000 | 6.8 % | 6.6 % | 51.9 % | 54.9 % | |
$342,635 | 5.5 % | 2.9 % | 19.0 % | 42.1 % | |
$348,468 | 7.2 % | 2.1 % | 51.5 % | 63.9 % | |
$535,000 | -11.5 % | -8.4 % | 33.8 % | 48.0 % | |
$399,950 | 5.3 % | 5.0 % | 42.9 % | 42.7 % | |
$462,500 | 0.5 % | 2.1 % | 28.9 % | 36.2 % | |
$576,550 | -2.3 % | 3.7 % | 52.3 % | 66.7 % | |
$335,000 | -2.9 % | -2.4 % | 15.5 % | 25.5 % | |
$789,000 | 5.3 % | 8.3 % | 34.5 % | 81.9 % | |
$335,000 | -4.3 % | 0.3 % | 30.6 % | 44.6 % | |
$445,000 | -3.1 % | 0.0 % | 39.1 % | 55.1 % | |
$394,950 | 12.8 % | 9.1 % | 36.2 % | 55.0 % | |
$539,950 | 0.0 % | 0.1 % | 42.1 % | 55.7 % | |
$259,950 | 8.3 % | 10.8 % | 30.0 % | 31.5 % | |
$627,498 | -2.0 % | 2.2 % | 31.0 % | 41.5 % | |
$599,450 | 9.0 % | 8.7 % | 55.7 % | 47.7 % | |
$471,284 | -1.8 % | 3.0 % | 25.2 % | 52.6 % | |
$474,669 | 7.9 % | 5.8 % | 41.7 % | 57.9 % | |
$615,000 | 6.0 % | 5.5 % | 46.5 % | 62.0 % | |
$294,900 | 7.2 % | 9.7 % | 28.3 % | 39.5 % | |
$679,496 | 0.1 % | 4.4 % | 34.2 % | 40.4 % | |
$348,379 | -4.6 % | -2.2 % | 18.1 % | 39.3 % | |
$1,048,972 | -3.8 % | 6.0 % | 45.2 % | 64.1 % | |
$999,000 | -13.1 % | -6.0 % | 3.6 % | 28.3 % | |
$1,438,051 | -4.0 % | -1.0 % | 22.2 % | 24.1 % | |
$795,000 | -3.5 % | 0.5 % | 29.3 % | 48.3 % | |
$314,500 | 8.8 % | 6.1 % | 33.9 % | 33.1 % | |
$425,000 | -4.5 % | -0.5 % | 49.1 % | 67.8 % | |
$397,000 | 0.5 % | 5.0 % | 34.6 % | 45.1 % | |
$635,502 | -0.7 % | 6.3 % | 30.5 % | 59.9 % |
Metro Area | Active Listing | New Listing | Median Days | Median Days on | Price– Reduced | Price-Reduced |
57.0 % | 14.5 % | 38 | -1 | 21.9 % | 8.5 pp | |
31.0 % | 2.8 % | 50 | 6 | 30.3 % | -2.7 pp | |
29.0 % | 0.5 % | 31 | -5 | 14.4 % | 3.3 pp | |
42.0 % | 0.6 % | 45 | 3 | 16.9 % | 5.4 pp | |
22.0 % | 10.2 % | 25 | 1 | 15.4 % | 3.5 pp | |
10.0 % | 8.5 % | 22 | -8 | 8.8 % | 1.9 pp | |
48.0 % | 13.9 % | 36 | -2 | 20.8 % | 7.9 pp | |
6.0 % | -2.9 % | 26 | -9 | 11.2 % | 1.9 pp | |
27.0 % | 8.9 % | 29 | -1 | 15.0 % | 5.1 pp | |
5.0 % | 0.3 % | 31 | -6 | 12.8 % | 2.6 pp | |
32.0 % | 7.8 % | 25 | 3 | 19.9 % | 5.8 pp | |
52.0 % | 9.8 % | 40 | 4 | 28.0 % | 7.9 pp | |
77.0 % | 9.7 % | 30 | 2 | 28.8 % | 8.8 pp | |
9.0 % | 2.3 % | 31 | 1 | 11.5 % | -2.4 pp | |
8.0 % | -0.5 % | 17 | -1 | 6.2 % | 0.4 pp | |
39.0 % | 10.3 % | 40 | 0 | 20.0 % | 4.3 pp | |
27.0 % | -1.5 % | 35 | -1 | 22.3 % | 4.8 pp | |
68.0 % | 15.6 % | 52 | 7 | 27.8 % | 9.4 pp | |
22.0 % | 8.9 % | 44 | -6 | 15.4 % | 3.4 pp | |
-31.0 % | 13.8 % | 38 | -6 | 18.3 % | 4.9 pp | |
36.0 % | 13.3 % | 37 | -2 | 11.8 % | 2.9 pp | |
27.0 % | 4.3 % | 31 | 2 | 16.2 % | 2.5 pp | |
51.0 % | 12.1 % | 49 | 6 | 23.4 % | 7.4 pp | |
67.0 % | 8.5 % | 67 | 5 | 18.3 % | 5.5 pp | |
21.0 % | -0.7 % | 30 | 1 | 9.0 % | 0.3 pp | |
23.0 % | -5.8 % | 27 | -4 | 13.6 % | 2.9 pp | |
21.0 % | 5.2 % | 32 | -3 | 23.9 % | 4.2 pp | |
29.0 % | -3.4 % | 61 | 3 | 21.4 % | 1.0 pp | |
3.0 % | 1.7 % | 45 | -5 | 8.9 % | 0.8 pp | |
40.0 % | 7.7 % | 45 | 0 | 21.9 % | 6.5 pp | |
82.0 % | 11.1 % | 52 | 6 | 23.0 % | 8.6 pp | |
10.0 % | 0.5 % | 38 | -7 | 13.0 % | 1.3 pp | |
77.0 % | 6.8 % | 58 | 14 | 26.4 % | 6.5 pp | |
15.0 % | 2.4 % | 44 | -3 | 16.1 % | 2.5 pp | |
35.0 % | -0.7 % | 40 | 7 | 19.7 % | 3.8 pp | |
23.0 % | 12.1 % | 23 | -9 | 9.5 % | 3.1 pp | |
38.0 % | 19.4 % | 36 | -7 | 17.5 % | 4.6 pp | |
38.0 % | 4.3 % | 40 | -2 | 11.0 % | 3.9 pp | |
43.0 % | 11.2 % | 45 | 1 | 16.7 % | 5.5 pp | |
3.0 % | 1.6 % | 17 | 5 | 3.9 % | -2.7 pp | |
47.0 % | 3.4 % | 33 | 1 | 18.6 % | 6.4 pp | |
49.0 % | 27.5 % | 50 | 4 | 25.6 % | 3.3 pp | |
72.0 % | 25.1 % | 30 | -2 | 16.0 % | 5.4 pp | |
39.0 % | 12.0 % | 28 | -3 | 13.3 % | 3.4 pp | |
53.0 % | 35.4 % | 20 | -9 | 9.6 % | 1.5 pp | |
61.0 % | 24.9 % | 24 | -5 | 15.6 % | 3.9 pp | |
19.0 % | 4.7 % | 37 | -2 | 12.8 % | 2.9 pp | |
93.0 % | 13.9 % | 53 | 8 | 29.6 % | 11.0 pp | |
27.0 % | 3.2 % | 31 | 2 | 17.2 % | 5.7 pp | |
26.0 % | 6.5 % | 29 | -3 | 12.2 % | 3.1 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).
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®.
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SOURCE Realtor.com
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