National Real Estate Market Update | November 2024 | Kurt Clements - Real Estate Agent

What's the latest snapshot of the 2024 housing market compared to last year?
Hi, I'm Kurt Clements with eXp Realty in the far west suburbs of Chicago.
In September, we saw the Feds take a slight interest rate cut, the first time in four years, which helped out mortgage rates. Because of this, we saw an uptick in market activity as buyer power increased. According to Chief Economist Haley Jones from Realtor.com, recent rate improvements are boosting home shopper buying power by more than $74,000 compared to 2023, when rates peaked around 8%. This improved buying power means a buyer can afford a home priced $74,000 higher today than this time last year for the same housing payment.
Nationally, the median list price is $429,900, down about 1% from last year.
We are also seeing more inventory on the market, with the number of listings up 33.2% compared to last year.
Data shows sellers and buyers taking advantage of the lower mortgage rates and increased inventory. More sellers are listing their homes due to the increase in buyer activity, and there is more buyer demand due to the slight improvement in housing affordability. This trend is expected to continue into 2025.
Nationally, a typical home's average days on market is about 53 days. This figure is slightly up from last year when the average days on market were 45 days.
As we get closer to 2025, what trends should we see compared to this year? According to the experts, mortgage rates should come down further, and home prices should rise slightly, albeit at a slower pace.
So, if you're curious about your next move, reach out! We'll lay out all your options so you can make a confident decision that's best for you and your family.
Thanks again for watching, and as always, we’re here to help, and we’ll talk with you soon.
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If you like these videos and want to see more, please GIVE US A THUMBS UP, SUBSCRIBE to our channel, and be sure to CLICK ON THE BELL to be notified whenever we have a new post! searchhomes.kurtclementshomes.com/idx/search/advanced kurtclementshomes.com/contact-us If your house isn't working for you, isn't it time to find a home that does? Reach out to us whether you are a first-time homeowner, considering upsizing or downsizing, or possibly even moving a year from now! We are more than happy to walk you through the process.😇🏡👍 #kurtclementsrealtor #virtualhousesellingseminar #chicagolandhomeswithkurtclements #houseselling101 #homesellingtips #firsttimehomeseller #sellyourhouse #firsttimehousesellertips #sellyourhome #firsttimehomeseller #howtosellahome #realestatetipsforsellers #housesellingtips #homeselling #firsttimehomesellertips

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