How's The Market?

2024 YEAR IN REVIEW

The real estate market in 2024 reflected a mix of resilience and recovery amid broader economic challenges. High prices, limited inventory, and steady demand defined the landscape, with certain regions continuing to perform well despite a shifting economic backdrop.

The tech industry’s workforce reduction since 2022 had a lingering impact on housing demand, contributing to a decline in prices compared to the market’s peak between spring 2021 and fall 2022. However, year-over-year data showed encouraging signs of recovery. Sales of single-family homes rose 8.4% and the median sales price ticked up 1.5%. Competitive bidding remained common, especially in desirable neighborhoods, with many properties selling quickly and above asking price.
 

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