Holiday Market Moves
End-of-Year Opportunities for Buyers, Smart Moves for Sellers
We’re entering the best time of year for savvy buyers to make a move—and no, we’re not talking about holiday shopping. As the end-of-year festivities approach, home buying often takes a back seat for most people, leaving motivated buyers with an edge. With fewer competitors in the market, this season offers some of the best opportunities to negotiate favorable deals.
November brought a whirlwind of market-shaping events, including the presidential election, Federal Reserve updates, and mortgage rates hovering around seven percent. Unsurprisingly, this led to a dip in both pending and closed transactions month-over-month. Meanwhile, new listings dropped sharply in November—40.38 percent for attached homes and 41.90 percent for detached homes—allowing buyers to absorb inventory and reducing active listings by 14.90 percent from October. However, inventory levels remain significantly higher year-over-year, with a 57.08 percent increase in attached homes and a 32.01 percent increase in detached homes, giving buyers more options as we head into the holidays.
Median home prices are holding steady, with detached homes seeing a 1.90 percent year-over-year increase and attached homes dipping slightly by 1.20 percent. Meanwhile, active inventory at the end of November totaled 9,310 properties, with 3,022 closings during the month. For perspective, the average number of active November listings from 1985 to 2023 is 13,521. While far from the record high of 27,530 listings in 2006 or the record low of 2,248 in 2021, these inventory levels provide buyers with opportunities for negotiation while reminding sellers to remain competitive in their pricing and preparation.
Info For Sellers
As the market slows during the holiday season, setting realistic expectations is essential. Many buyers are negotiating hard, requesting concessions to offset higher interest rates, and according to local title companies, contracts are terminating at rates of 30 to 40 percent. If you’re selling now, focus on cleaning, staging, and making repairs to attract serious buyers. For those who can wait, listing in the new year may result in better outcomes as buyer demand typically rebounds post-holiday.
Info for Homebuyers
Now is your moment! With reduced competition, plenty of inventory, and motivated sellers, buyers have the upper hand to negotiate deals and concessions. This window of opportunity won’t last long, as the new year traditionally brings a surge of activity with more buyers re-entering the market, increasing competition. If buying a home is on your 2025 resolution list, acting now could help you secure the right home before the crowd arrives.
Whether buying or selling, the market remains dynamic, and the best decisions are those that align with your personal goals. Partnering with an experienced agent ensures you’re well-positioned to navigate the current opportunities and challenges effectively.
*We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.