What's Up With Real Estate?

Happy Holidays!
Home Prices Rose 4% in 2024

 

Home prices rose 4% in 2024, the Q3 median sales price of $420,400 is a 32% jump from Q3 2020! Home prices are expected to jump 3.7% in 2025, assuming job market stays stable.
Here is a quick economic data recap:
Labor market is cooling. That could be a dampening force for 2025, but, for now, employment is looking strong. Inflation for personal consumption came in at 2.3%, core inflation is still running at 2.8%.  Mortgage rates finally dipped lower and are expected to settle into the 6% area for 2025 which should help increase inventory. The Federal Reserve Open Market Committee will meet on the 18th and is expected to cut rates by 25 basis points.

Overall, Local Home Prices Holding SteadyLocally the big game changer for 2025 that will impact pricing will be if inventory levels increase in a meaningful way, and, if interest rates keep falling, that will drive more buyers into the market. See below for the November stats.

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