T
he housing market in December 2024 is showing a mixed bag of trends, with some signs of a late-season uptick. While prices are mostly flat or slightly down year-over-year, the number of houses on the market has increased, and homes are taking longer to sell than they did last year. This isn't a boom, but it's not a bust either - it's a time of adjustment.

    According to data from Realtor.com, the median listing price has decreased by 1.2% compared to last year, marking the 29th week in a row that prices have been flat or lower than the same week in 2023. However, when looking at the median listing price per square foot, it actually increased by 1.4%. This could signal that the mix of homes on the market has changed, with more smaller, less expensive homes hitting the market.

    New listings are up 7.9% compared to this time last year, which is a good sign for buyers as it gives them more choices and helps bring balance back to the market. The number of active listings is still higher than last year, but the growth rate has slowed down. Homes are taking 7 days longer to sell than they did this time last year, indicating that buyers aren't in a rush.

    For buyers, this means having more options and potentially finding deals. For sellers, it's essential to be strategic with pricing and marketing, as homes are staying on the market longer. The late-season uptick is likely due to both sellers trying to wrap things up before the year ends and buyers trying to lock in a home before the holidays.

    Looking ahead, it's crucial for both buyers and sellers to stay informed and adapt to changing market conditions. With mortgage rates and economic indicators playing a significant role, it's essential to be prepared to adjust strategies as needed. The key is to remain flexible and responsive to the market's shifts.

    Here are the key trends:

    * Median Listing Prices: Down 1.2% year-over-year

    * New Listings: Up 7.9% year-over-year

    * Active Listings: Up 23.4% year-over-year (but growth is slowing)

    * Time on Market: 7 days slower year-over-year

    As the market continues to evolve, it's essential to rely on credible sources and do your own due diligence when making decisions about buying or selling a home.