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2024 was a year of adjustments, marked by shifting prices, rising inventory, and longer days on the market. While the market faced challenges, it's important to note that these shifts were viewed as correction rather than a crash.
Price Adjustments Without Panic
Across both single-family homes and condos, we saw price adjustments throughout the year. While values did trend lower, this was a measured and expected correction rather than a drastic downturn. The market is finding a new equilibrium after the rapid appreciation seen in previous years. Buyers, now more cautious and selective, have been able to take their time and negotiate better deals.
Inventory on the Rise
More properties hit the market as sellers looked to take advantage of previous years' gains, while some were adjusting to changing financial circumstances. This increase in available homes provided more choices for buyers, softening the ultra-competitive conditions seen in prior years.
Longer Days on Market
With more homes to choose from and buyers exercising patience, properties generally took longer to sell in 2024. Well-priced homes in desirable locations still moved relatively quickly, but overall, sellers had to adjust expectations and, in some cases, offer incentives to attract buyers.
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