RE/MAX NATIONAL HOUSING REPORT FOR JANUARY 2025

Core Insights - The real estate market in January 2025 saw a significant increase in new listings and inventory, while the median sales price experienced a month-to-month decline but a year-over-year increase [1][10]. New Listings - New listings in January 2025 surged by 53.7% compared to December 2024 and were nearly unchanged (down 0.1%) from January 2024 [1][5]. - The markets with the largest year-over-year increases in new listings were Seattle, WA (+32.9%), Anchorage, AK (+29.0%), and Des Moines, IA (+28.4%) [6]. Inventory - Inventory rose by 5.0% from December 2024 and was 30.9% higher than a year ago [1][17]. - The months' supply of inventory was 2.8, up from 2.1 in January 2024 but down from 3.0 in December 2024 [17]. Median Sales Price - The median sales price in January 2025 was $422,000, down 1.8% from December 2024 but up 5.3% from January 2024 [1][10]. - The largest year-over-year increases in median sales price were observed in Pittsburgh, PA (+15.1%), Wichita, KS (+14.2%), and Milwaukee, WI (+13.9%) [11]. Closed Transactions - Home sales dropped 24.3% from December 2024 but were up 6.0% compared to January 2024, marking the fourth consecutive month of year-over-year increases [2][7]. - The markets with the highest year-over-year sales increases included Coeur d'Alene, ID (+32.5%), Anchorage, AK (+24.9%), and Fayetteville, AR (+22.0%) [7]. Days on Market - The average days on market for homes sold in January 2025 was 55 days, which is an increase of nine days compared to January 2024 [8][14]. - The markets with the highest days on market were Bozeman, MT (87 days), Des Moines, IA (86 days), and Fayetteville, AR (86 days) [14][16]. Close-to-List Price Ratio - The average close-to-list price ratio was 98% in January 2025, consistent with both December 2024 and January 2024 [12]. - The lowest close-to-list price ratios were in Miami, FL (92.8%) and Tampa, FL (96.4%) [12][13]. Market Dynamics - The increase in inventory is not evenly distributed, with mid-range single-family homes remaining scarce while luxury listings are more plentiful [5][4]. - Buyers paid 98% of the asking price, indicating a competitive market despite the increase in inventory [8].