Housing Market Trends Continue to Evolve with Rising Inventory and Buyer Activity
This month’s data reveals 204,985 net new listings in November 2024, representing a 5.0% year-over-year increase. Meanwhile, contract volumes surged by 19.5% compared to November 2023, signaling buyers remain active despite seasonal trends and economic uncertainties. Higher price tiers, such as the $400k-$1m+ range, continue to see the most significant growth in buyer interest, highlighting strong activity in these segments.
Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:
"Our November data paints a picture of a market moving toward balance, with rising inventory and strong buyer activity in higher price tiers. The resilience of contract volume growth, coupled with steady price increases, underscores the market’s adaptability amid changing conditions. As inventory approaches pre-pandemic levels, we expect to see continued evolution in housing market dynamics as we close out the year.”
Key Takeaways:
Inventory growth accelerates: Total inventory is up 28.9% compared to November 2023 and 22.3% compared to November 2022. Inventory levels are now at their highest point since the COVID-19 pandemic began, easing some of the supply constraints that have characterized recent years.
Buyer demand remains strong: Nationwide, 249,925 properties went under contract in November 2024, marking a significant 19.5% year-over-year increase. This surge in contract volume was primarily driven by the mid-to-high price tiers, reflecting steady demand in these segments.
Market dynamics by price tier: Over the past 52 weeks, all price tiers except for the $0-$200k range experienced year-over-year increases in net new listings and contract volume. The $1m+ segment saw particularly strong growth, with a 21.3% increase in new listings and a 15.7% rise in contract volumeOur November 2024 Market Pulse Report highlights a housing market in transition, with inventory steadily increasing and buyer activity picking up, particularly in mid-to-high price tiers. While the market begins to edge closer to a more balanced state, signs of a resilient seller’s environment remain, underscoring ongoing demand across various segment
Pricing trends: The median price of all single-family listings in the U.S. for November 2024 was $440,415, a year-over-year increase of 3.1%. The median closed price rose even more significantly, up 8.2% to $429,429. Month-over-month, the median listing price experienced a slight decline (-1.5%), while the median closed price increased by 0.5%, reflecting a dynamic pricing environment.
The Market Pulse Report is an ongoing review of proprietary data and housing market trends from HouseCanary’s nationwide platform, covering 22 listing-derived metrics and comparing real estate data between November 2023 and November 2024.
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