Real Estate Market Today: December 2024 (Housing Market Predictions, Anchor Tax Benefit, & More
Robert O'Keefe - ROK Realty Group
📱 (201) 374-7334 (Text/Call)
Welcome to the December 2024 edition of the ROK Realty Report! As we wrap up the year, we have some insightful market trends and important updates to share that can help inform your real estate decisions.
Market Trends: For the first time in over three years, existing home sales have increased year-over-year, rising by 3.4%. The median sales price has climbed 4% from last year, marking 16 months of consistent price growth. Inventory levels have risen by 0.7%, providing a 4.2-month supply at the current selling pace. While this is a slight dip from the previous month, it's still higher compared to last year.
Mortgage rates have stabilized, with the 30-year fixed rate averaging 6.84%. Notably, first-time homebuyers have become more active, making up 27% of sales—a month-over-month increase. Cash sales held steady at 27%, indicating investor confidence in the market.
Inventory Insights: National single-family home inventory has surged by 27% compared to last year, offering buyers more options. Despite this rise, inventory levels are still below historical averages, maintaining a competitive market. Interestingly, 40% of US homes are mortgage-free, and with household equity at a record high of 73%, sellers are less pressured to lower their asking prices. This has supported continuous price growth over the past two years.
Navigating the Market: Understanding the relationship between inventory levels and pricing is crucial for both buyers and sellers. As inventory levels improve but still don’t fully meet demand, the market is expected to see moderate yet sustained price increases.
Key Update: Don’t miss the New Jersey anchor tax benefit deadline on December 6th. This benefit is available for both renters and homeowners, offering an excellent opportunity to earn some extra cash for the holidays. Applying is simple, and the state has provided a direct link to the application, which we’ve included below.
Looking Ahead: We hope you found this report informative. As always, feel free to reach out if you have any questions or need deeper insights into your local market. Wishing you all the best as we head into 2025!
Make it a great day, The ROK Realty Team
Categories
Recent Posts
