Saddle Brook, NJ – December 27, 2024 - U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
“As we approach the close of 2024 and begin a new year, it’s important to take a moment to acknowledge both the challenges and the accomplishments of the year. This market hasn’t been easy—there’s no denying that. But the latest data reminds us that progress is being made,” states Greater Bergen REALTORS® 2025 President, Nicola Esposito.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
Highlights From November 2024 Report:
- Single Family Closed Sales increased 11.2 percent to 367.
- Townhouse-Condo Closed Sales increased 12.2 percent to 166.
- Adult Communities Closed Sales decreased 50.0 percent to 3.
- Single Family Median Sales Price was up 10.7 percent to $739,000.
- Townhouse-Condo Median Sales Price was up 12.9 percent to $480,000.
- Adult Communities Median Sales Price was down 10.0 percent to $475,000.
Click Here for the full ShowingTime report for the month of November 2024.
Data as of December 20, 2024. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2024 ShowingTime Plus, LLC.
About Greater Bergen Realtors®
Greater Bergen REALTORS® is a not-for-profit trade organization that serves more than 8,500 REALTOR® members throughout Bergen, Hudson, and Passaic Counties in New Jersey. We empower the success of those we serve by focusing on Connections, Advocacy, Resources, and Education. As the leading voice of real estate in Northern New Jersey, we advocate to protect private property and home-ownership rights.
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