The increase in home listings across the U.S. in October 2024 has reached its highest level since 2019. With a 29.2% jump in the total number of homes for sale compared to the previous year, this growth trend has continued for a remarkable 12 months. Factors such as easing mortgage rates and renewed seller interest are boosting inventory, offering buyers more options even as prices remain high. As reported by Realtor.com, sellers have been increasingly active, pushing total listings to levels unseen since before the pandemic.
Increase in Home Listings in 2024
The Rise of Listings in Pandemic Boomtowns
Many pandemic “boomtowns” have seen substantial increases in listings. Cities in the South, in particular, lead the charge, with Austin, TX, at the top with a 40.1% surge in inventory. Other notable cities include Memphis, TN, and Orlando, FL, where listing levels have returned to or even exceeded pre-pandemic counts. The South region overall saw an impressive 34% growth, followed closely by the West, Midwest, and Northeast. Realtor.com’s October housing report highlights this broad geographic spread, making it easier for buyers across the country to find new listings.
Fresh Listings on the Market
Newly listed homes also saw an increase, rising 4.9% over last year. This trend reflects growing confidence among sellers, who are entering the market even as mortgage rates slowly ease. Fresh listings are particularly abundant in the West, where they have increased by 7% compared to October 2023. The Midwest and Northeast also saw gains, suggesting that potential buyers now have more options as they search for new homes.
Price Stability Amid Inventory Surge
Despite the increase in home listings, home prices have not dropped. The median price of $424,950 remains steady compared to last year, though price per square foot has continued to climb. This suggests that while more homes are available, buyers are still paying a premium for space, a trend reflected across major U.S. metros. Interestingly, many sellers have adjusted their prices to attract buyers, with 18.6% of listings experiencing price cuts.
Homes Taking Longer to Sell
Another effect of the inventory increase is the longer time homes are spending on the market. October 2024 saw the average home stay listed for 58 days, up by eight days from the same month last year. This slower pace gives buyers more time to explore their options, while sellers can expect increased competition, as Realtor.com’s report suggests that many new listings will continue entering the market through the end of the year.
The October 2024 increase in home listings represents a significant shift in the housing market. As more sellers list their homes and buyers take their time, the dynamics between supply and demand continue to evolve. For prospective homebuyers, this trend means more opportunities, while sellers may face a more competitive landscape.
