As we close out 2024 and step into 2025, there’s a noticeable shift in the real estate market. Could this late-year momentum stem from buyers who held back until after the election and are now ready to act? It’s a compelling thought, especially as we mark two and a half years since the pandemic housing boom transitioned into a market recession.
The big question on everyone’s mind is: Are we entering a new era? Will the housing market return to “normal”?
Here’s what the data is signaling as we wrap up the year:
Inventory Trends
- There are currently 690,000 unsold single-family homes on the market across the U.S. – a 26% increase compared to the same time last year.
- Inventory levels are inching closer to 2019 figures, now just 17% below pre-pandemic levels.
- New listings for single-family homes continue to rise, with 31,000 new listings during Thanksgiving week – an 8.7% increase over the same period last year. Weekly seller activity has been trending upwards by 5%–10%.
Home Sales and Prices
- Sales activity is picking up, with anecdotal evidence of stronger movement in November and encouraging mortgage application data reported by the MBA.
- National home prices are up 5% year-over-year, which aligns with traditional market growth.
- Market conditions vary by region:
- Northern cities are experiencing tight inventory and rising prices.
- Sunbelt cities are seeing higher inventory levels, with some markets even reporting price declines.
Price Reductions
- As of December 38.4% of homes on the market have had price reductions. However, this percentage typically decreases after the holidays when fresh inventory enters the market.
What’s Next?
While the remainder of 2024 may slow down over the holidays, early indicators suggest 2025 could bring renewed momentum. With inventory climbing, sales improving, and price trends normalizing, the housing market may be poised for steady growth in the new year.
Here in Oklahoma, the real estate market continues to show resilience and opportunity. Our state remains an attractive destination for buyers seeking value, quality of life, and strong investment potential. As we move into 2025, Oklahoma is well-positioned for a vibrant and active real estate year ahead.
If you have questions about how these trends might impact your buying or selling decisions, please feel free to reach out. I’m here to help!
Wishing you a joyful holiday season and a prosperous 2025!
Wyatt Poindexter
