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MNR Market Update—January 21, 2025

By MNR News posted 01-21-2025 03:03 PM

  
Across the NorthstarMLS coverage area, showing activity was down 1.0% compared to the same week in 2024. That said, seven out of nine price ranges actually had more showings compared to last year. Every segment under $250K saw less showing activity. The $300-400K price range, which includes the statewide median home price, accounted for the largest share of showings at 27.6%. Homes over a million account for 2.6% of showings; homes between $200-250K made up 10.2% of showings.

2024 annual figures show a roughly 6.5% increase in new listings and a 1.0% increase in closed sales. With more supply relative to demand, homes took longer to sell. The preliminary median home price rose about 4.0% to around $345,000. So far, we’re actually seeing a slight decrease in inventory levels for December, despite monthly increases throughout the year. Market times rose 3.4% in December but were up 9.8% for the year. The median home price increased 6.3% in December but rose 3.9% for the year.

Mortgage rates aren’t quite cooperating like many had hoped. A month ago, they stood around 7.1%, then moved to 7.25% but now the 30-year fixed mortgage rate is back toward 7.1%, according to Mortgage News Daily. That’s partly due to a stronger-than-expected jobs report but also macroeconomic uncertainty. Most expect rates to continue to ease, but at a slower pace than originally anticipated. And that path is rarely straight. 


To view the latest Weekly Showings Report, click here.

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