Cooling Market with Strong Demand at Higher Price Tiers

The October 2024 Market Pulse Report from HouseCanary provides a nuanced view of a housing market showing initial signs of cooling while maintaining solid buyer activity, especially at the higher end. This month’s report reveals that inventory growth has moderated, with 234,329 new listings—a 4.9% decrease from October 2023. Despite this decline, total inventory over the past 52 weeks still marks a 6% increase year-over-year, underscoring a gradual increase in housing supply.

In parallel, demand remains strong, particularly among higher-priced properties, as evidenced by a notable 15.9% rise in contract volumes compared to last October. While the market shifts toward more balanced conditions, the continued buyer interest in higher price tiers suggests that economic resilience remains a driving factor in these segments.

Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:

"Our October data reflects a housing market in transition, with inventory growth slowing but demand holding firm, particularly for mid- to high-priced properties. The resilience of buyer interest in these segments highlights the evolving nature of the market, with some areas cooling while others remain strong. This blend of cooling and steady demand may define market dynamics as we approach year-end.”

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Key Takeaways:

• 52-week inventory overview: Over the past 52 weeks, 2,652,684 net new listings were added to the market, marking a 6% year-over-year increase.
• October 2024 contract volume: Nationwide, 266,087 properties went under contract, a 15.9% increase compared to October 2023. This increase is most significant within the $400k-$1m+ price tiers, which saw the largest gains in buyer interest.
• Inventory composition: The breakdown of net new listings by price bin over the last 52 weeks is as follows: $0-$200k (11.8%), $200k-$400k (38.0%), $400k-$600k (24.1%), $600k-$1m (17.0%), and $1m+ (9.1%).‍
• Median prices and rental trends: As of October 25, 2024, the median price of all single-family listings in the U.S. was $446,981, with a year-over-year increase of 3.4%. The median closed price saw an even stronger rise, up 6.5% to $429,125. Meanwhile, the rental market saw a slight increase in the median price of single-family rental listings, at $2,535, up 0.4% year-over-year.

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More in the full report.

‍Methodology

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 October 2023 and October 2024.

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