Phoenix Leads U.S. With Biggest Increase In Year-Over-Year New Home Listings | Living In Phoenix Arizona
PHOENIX LEADS U.S. WITH BIGGEST INCREASE IN YEAR-OVER-YEAR NEW HOME LISTINGS
LIVING IN PHOENIX, ARIZONA
Phoenix Leads U.S. With Biggest Increase In Year-Over-Year New Home Listings
November home sales finished 6.3% above a year ago, marking the seventh time a 2024 month has topped its 2023 counterpart. At the same time, sales dropped 11.6% from October, reflecting the typical year-end slowdown. In the 50 metro areas surveyed in November 2024, Phoenix leads the nation with the biggest increase in year-over-year new home listings.
In the 50 metro markets surveyed, November inventory was 25.0% higher year over year but declined 4.3% from October. New listings also increased and were 8.5% higher year over year but dropped 23.5% month over month.
Likewise, the median sales price of $429,000 was 5.7% above November 2023’s $406,000, but down 0.2% from October’s $430,000.
“Year-over-year growth across nearly all major categories signals a strong finish to 2024,” said RE/MAX, LLC. President Amy Lessinger. “With consumer confidence rising and Millennials driving demand—many of whom are reaching key life milestones like marriage and children—2024 looks set to outperform 2023 overall. If these trends continue it could bode well for the 2025 housing market.”
The Nashville market experienced a similar trajectory and saw year-over-year increases but month-over-month declines in home sales, inventory, and new listings. Debra Beagle, CEO of The Ashton Real Estate Group of RE/MAX Advantage in Nashville, TN said seasonal swings are expected and buyers and sellers adjust for it.
“Sellers are willing to give concessions to buyers, so it’s a great time to negotiate a deal on a buy with inventory sitting a little longer. We are at about four months of inventory, but sales are still being done, and sellers are holding more on price but also giving concessions.”
Other metrics of note:
- Days on Market grew to 47 days. By comparison, homes sold a week faster the previous two Novembers: 40 days in 2023 and 39 days in 2022. It was five days over October’s 42 days.
- Months’ Supply of Inventory totaled 2.9 in November, up from 2.6 in November 2023 and October 2024.
- Buyers paid 99% of the asking price in November, same as November 2023 and October 2024.
Highlights and local market results for November include:
New Listings
In the 50 metro areas surveyed in November 2024, the number of newly listed homes was up 8.5% compared to November 2023 and down 23.5% compared to October 2024. The markets with the biggest increase in year-over-year new listings percentage were Phoenix, AZ at +29.8%, Las Vegas, NV at +27.7%, and Honolulu, HI at +26.6%. The markets with the biggest year-over-year decrease in new listings percentage were Manchester, NH at -18.4%, Boston, MA at -14.3%, and St. Louis, MO at -11.9%.
| New Listings: 5 Markets with the Biggest YoY Increase |
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| Market | Nov 2024 | Nov 2023 | Year-over-Year % Change |
| Phoenix, AZ | 7,397 | 5,698 | +29.8 % |
| Las Vegas, NV | 3,310 | 2,592 | +27.7 % |
| Honolulu, HI | 924 | 730 | +26.6 % |
| Houston, TX | 11,184 | 9,134 | +22.4 % |
| Birmingham, AL | 1,432 | 1,184 | +20.9 % |
Closed Transactions
Of the 50 metro areas surveyed in November 2024, the overall number of home sales was up 6.3% compared to November 2023, and down 11.6% compared to October 2024. The markets with the biggest increase in year-over-year sales percentages were Bozeman, MT at +45.8%, Coeur d’Alene, ID at +27.9%, and Portland, OR at +26.9%. The markets with the biggest decrease in year-over-year sales percentage were Miami, FL at -13.0%, Manchester, NH at -7.7%, and Tampa, FL at -6.6%.
| Closed Transactions: 5 Markets with the Biggest YoY Increase |
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| Market | Nov 2024 | Nov 2023 | Year-over-Year % Change |
| Bozeman, MT | 140 | 96 | +45.8 % |
| Coeur d’Alene, ID | 275 | 215 | +27.9 % |
| Portland, OR | 2,204 | 1,737 | +26.9 % |
| Seattle, WA | 3,500 | 2,875 | +21.7 % |
| Las Vegas, NV | 2,293 | 1,902 | +20.6 % |
Median Sales Price – Median Of 50 Metro Area Prices
In November 2024, the median of all 50 metro area sales prices was $429,000, up 5.7% from November 2023, and down 0.2% compared to October 2024. The markets with the biggest year-over-year increase in median sales price were Bozeman, MT at +14.7%, Wichita, KS at +11.6%, and St. Louis, MO at +10.5%. There was only one market that experienced a year-over-year decrease in median sales price: Tampa at -1.3%.
| Median Sales Price: 5 Markets with the Biggest YoY Increase |
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| Market | Nov 2024 | Nov 2023 | Year-over-Year % Change |
| Bozeman, MT | $737,250 | $642,500 | +14.7 % |
| Wichita, KS | $251,000 | $225,000 | +11.6 % |
| St. Louis, MO | $265,280 | $240,000 | +10.5 % |
| Detroit, MI | $265,000 | $240,000 | +10.4 % |
| Providence, RI | $475,000 | $432,000 | +10.0 % |
Close-To-List Price Ratio – Average Of 50 Metro Area Prices
In November 2024, the average close-to-list price ratio of all 50 metro areas in the report was 99%, the same as in both November 2023 and October 2024. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were Miami, FL at 94.0%, Bozeman, MT at 95.6%, followed by a tie between Houston, TX and Tampa, FL at 96.6%. The metro areas with the highest close-to-list price ratios were Hartford, CT at 102.8%, San Francisco, CA at 102.5% and Trenton, NJ at 100.8%.
| Close-to-List Price Ratio: 5 Markets with the Highest Close-to-List Price Ratio |
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| Market | Nov 2024 | Nov 2023 | Year-over-Year Difference* |
| Hartford, CT | 102.8 % | 102.9 % | 0.0 pp |
| San Francisco, CA | 102.5 % | 102.0 % | +0.5 pp |
| Trenton, NJ | 100.8 % | 101.7 % | -0.8 pp |
| Baltimore, MD | 100.6 % | 100.1 % | +0.5 pp |
| Richmond, VA | 100.6 % | 100.7 % | -0.2 pp |
| *Difference displayed as change in percentage points | |||
Days On Market – Average Of 50 Metro Areas
The average days on market for homes sold in November 2024 was 47, up seven days compared to November 2023, and up five days compared to the average in October 2024. The metro areas with the highest days on market averages were Bozeman, MT at 78, Coeur d’Alene, ID at 77, followed by a tie between Fayetteville, AR and San Antonio, TX at 76. The lowest days on market were Baltimore, MD at 15, Washington D.C. at 17, and Philadelphia, PA at 18. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
| Days on Market: 5 Markets with the Highest Days on Market |
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| Market | Nov 2024 | Nov 2023 | Year-over-Year % Change |
| Bozeman, MT | 78 | 71 | +9.8 % |
| Coeur d’Alene, ID | 77 | 80 | -3.8 % |
| Fayetteville, AR | 76 | 86 | -11.0 % |
| San Antonio, TX | 76 | 70 | +8.1 % |
| Miami, FL | 71 | 52 | +36.9 % |
Months’ Supply Of Inventory – Average Of 50 Metro Areas
The number of homes for sale in November 2024 was up 25.0% from November 2023, and down 4.3% from October 2024. Based on the rate of home sales in November 2024, the months’ supply of inventory was 2.9, up from 2.6 in both November 2023 and October 2024. In November 2024, the markets with the lowest months’ supply of inventory were Seattle, WA at 1.1, Hartford, CT at 1.2 and Trenton, NJ, Washington, D.C., Manchester, NH, and Baltimore, MD tied at 1.3. The markets with the highest months’ supply of inventory were Miami, FL at 7.6, Honolulu, HI at 5.7, and Bozeman, MT at 5.5.
| Months’ Supply of Inventory: 5 Markets with the Highest Months’ Supply of Inventory |
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| Market | Nov 2024 | Nov 2023 | Year-over-Year % Change |
| Miami, FL | 7.6 | 4.8 | +59.2 % |
| Honolulu, HI | 5.7 | 2.5 | +131.7 % |
| Bozeman, MT | 5.5 | 4.8 | +14.2 % |
| San Antonio, TX | 5.4 | 5.3 | +1.3 % |
| Houston, TX | 4.8 | 4.7 | +1.0 % |
– more at azbigmedia.com
