Market Summary for the 1st Quarter of 2025
Happy New Year! We’re excited to kick off 2025 with some great news: due to popular demand, we’ll now be mailing out a quarterly housing market update to keep you informed. The next issue will arrive in April. For more frequent updates, don’t forget to subscribe to our monthly email newsletter.
Here’s how the market looks as of January 1, 2025, compared to the same time last year:
- Active Listings: 20,007 (+37% YOY, -7.3% from last month)
- Pending Listings: 3,307 (+1.3% YOY, -13.2% from last month)
- Under Contract Listings: 5,496 (+7.2% YOY, -14% from last month)
- Monthly Sales: 5,581 (+13.4% YOY, +8.4% from last month)
- Average Price per Sq. Ft.: $303.62 (+6.8% YOY, +4.7% from last month)
- Median Sales Price: $450,000 (+4.7% YOY, unchanged from last month)
Market Trends
Supply saw a seasonal dip in December, with a significant number of listings expiring at the year’s end. This benefits sellers by reducing active competition, but the return of these listings in January could shift momentum. Sales are rebounding steadily, with December’s count up 13.4% from last year and annual sales rising to nearly 72,000—though still shy of the 85,000 long-term average.
Luxury homes are driving up pricing, with strong demand fueled by robust stock and cryptocurrency markets. This trend continues to elevate the $/SF metric. Meanwhile, new home supply is increasing nationally, leading to potential builder flexibility in early 2025.
Despite mortgage rates above 7%, demand is stabilizing, and the worst of the slowdown appears to be behind us. The next few months will be critical as new supply enters the market. A light influx could drive the market toward balance, while a heavy one might tip it back into a buyer’s market.
Stay tuned for more insights in the coming months. Cheers to a successful 2025! 🎉
