Press release
Realtor.com® February Housing Report: Early Indications Show a Promising Spring Real Estate Season
Home sellers were more active this February, with 11.3% more homes newly listed on the market compared to last year SANTA CLARA, Calif., March 5, 2024
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[{"type":"text","content":"Home sellers were more active this February, with 11.3% more homes newly listed on the market compared to last year \nSANTA CLARA, Calif., March 5, 2024 /PRNewswire/ -- According to Realtor.com®'s February housing report, the Spring housing market is shaping up to be an active one for prospective homebuyers. In fact, there were 14.8% more homes actively for sale on a typical day in February compared to the same time in 2023, which marks the fourth consecutive month of annual inventory growth.\n\n\"The first couple of months of 2024 have proven to be positive for inventory levels, as the number of homes actively for sale was at its highest level since 2020,\" said Danielle Hale, Chief Economist of Realtor.com®. \"While the country is still well below pre-pandemic levels, the South is leading the charge, moving faster than other parts of the country, largely driving the increase in availability of homes priced between $200,000 and $350,000, a price category that saw the most year-over-year growth nationally.\"\nFebruary 2024 Housing Metrics – National\nMetric\nChange over Feb 2023\nChange over Feb 2019\nMedian listing price\n+0.3% (to $415,500)\n+40.4 %\nActive listings\n+14.8 %\n-39.7 %\nNew listings\n+11.3 %\n-17.2 %\nMedian days on market\n- 4 days (to 61 days)\n -14 days\nShare of active listings with price reductions\n+1.4 percentage points \n(to 14.6%)\n-1.1 percentage points\nAffordable Home Inventory GrowsHomes in the $200,000 to $350,000 price range grew by 20.6% compared to last year, outpacing all other price categories. For home shoppers looking for affordable options, this may lead to particularly favorable home buying conditions. And, though the market is still a ways away from pre-pandemic levels, homebuyers may anticipate more options to choose from, compared to recent years, heading into the hot spring homebuying season especially in this category.\nSouthern Metros See the Most Inventory GrowthThe inventory of homes actively for sale increased in 29 out of 50 of the largest metros compared to last year. Orlando (+38.5%), Miami (37.4%) and Tampa (36.3%) experienced the most inventory growth. While most metros are still seeing lower inventory levels when compared to pre-pandemic years, three metros actually saw higher levels of inventory in February compared to typical 2017 to 2019 levels. The top three were in the ...