Year-over-Year Housing Market Trends: 2023 vs. 2024
Overall, the Median Sale Price & Home Sales were up 8% year-over-year.
Key metrics shifted in 2024:
- Days on Market: dropped 8% to 23
- Price per Square Foot: Increased 7%
Spotlight on Belmont
- New listings rose 32%.
- Sales increased 31%.
- Overall transaction volume was up nearly 50%.
- Average days on market dropped 30% to 14,
- The average sale price increased 11% to $2,423,000—down from the summer high in July of $2,650,000.
Case-Shiller Insights
For a broader perspective, the Case-Shiller Index provides valuable macro-level insights by tracking repeat sales of the same properties across the five Bay Area counties. Unlike median sale prices, which can swing significantly based on the size of homes sold in a given period, the Case-Shiller methodology offers a more accurate reflection of long-term housing trends. However, its analysis lags the real-time market by three months due to the volume of data involved.
Their latest release was for November 2024, which showed an increase in home prices at 6.9% YOY.
Looking Ahead to 2025
We’ll leave the prognosticating to the media pundits—all of whom have a writer tasked with collecting data from vendors such as Corelogic, or finding local agents eager to spin their industry’s story.
The S.F. Chronicle is intimating that buyers will gain more leverage as inventory levels increase and homes languish on the market longer.
We guesstimate an increased housing inventory in 2025 as market dynamics stabilize post-election. With the distraction of a contested race behind us, buyers are beginning to accept that interest rates may not drop significantly in their lifetimes. This realization prompts many to reenter the market, which could provide some more momentum in the coming year.
Should I Sell now or Wait?
Forecasting the housing market’s trajectory for any given year, particularly without full insight into what lies ahead in 2025, remains, as we often say, an exercise in futility. The wisest course of action is to proceed confidently with your life’s plans and allow the market to unfold as it will.
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA, where they own and operate MORGANHOMES, Inc. They have assisted buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award and ranked among the top 50 agents nationwide and the top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or emailinfo@morganhomes.com.
For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook and on Twitter.
This article provides educational information and is intended for informational purposes only. It should not be considered real estate, tax, insurance, or legal advice, and it cannot replace advice tailored to your specific situation. It’s always best to seek guidance from a professional who is familiar with your scenario.
BROKER | MANAGER | NOTARY
