Understanding the real estate market is crucial whether you're buying, selling, or simply keeping an eye on trends. The latest data for 2024 highlights what price points are currently selling, providing valuable insights into market demand and buyer behavior.

The Breakdown: Homes Selling by Price Range

Here's a look at the current housing market and how various price brackets are performing:

• Under $299,999 – 139 homes sold
• $300,000 - $399,999 – 333 homes sold
• $400,000 - $499,999 – 947 homes sold
• $500,000 - $599,999 – 1061 homes sold
• $600,000 - $699,999 – 718 homes sold
• $700,000 - $799,999 – 438 homes sold
• $800,000 - $899,999 – 237 homes sold
• $900,000 - $999,999 – 137 homes sold
• $1,000,000 - $1,499,999 – 194 homes sold
• $1,500,000 - $1,999,999 – 35 homes sold
• $2,000,000+ – 15 homes sold

Key Takeaways from 2024 Real Estate Sales

1. Mid-Range Homes Are Driving the Market

The most active price ranges fall between $400,000 and $599,999. With 947 homes sold in the $400,000-$499,999 bracket and 1061 homes in the $500,000-$599,999 range, this section of the market is thriving. This reflects a growing demand for homes that offer both value and quality in suburban and urban areas.

2. Luxury Market Activity Is Low

The luxury market, particularly homes priced at $1.5 million and above, shows significantly fewer sales. Only 15 homes priced over $2 million have sold. This trend raises questions about affordability and the overall demand for high-end properties in 2024.

3. Affordable Housing Demand Persists

While fewer homes under $300,000 are being sold (139), this segment still represents an important part of the market. With housing affordability challenges, properties in this bracket remain attractive to first-time homebuyers and investors.

The Impact of New Mortgage Rules

Will New Mortgage Regulations Boost High-End Home Sales?

One of the burning questions for 2024 is whether changes to mortgage rules will stimulate the luxury housing market. Stricter lending requirements and higher interest rates have led to a cautious approach among buyers at the top end of the market. However, potential rate adjustments or incentives could spark renewed interest in homes priced above $1 million.

Helping First-Time Homebuyers

First-time homebuyers continue to face hurdles in securing properties, particularly as prices climb. New government incentives and favorable mortgage conditions could make lower-priced homes more accessible, leading to increased sales in the under $400,000 bracket.

Why Mid-Range Homes Are Thriving

Several factors contribute to the success of homes in the $400,000 to $599,999 range:

• Location and Amenities – Many of these homes are situated in desirable neighborhoods with proximity to schools, transport, and community facilities.
• Modern Features – Buyers are gravitating towards homes with modern renovations, energy efficiency, and smart home technology.
• Size and Value – These properties offer a balance between space, quality, and affordability, making them a preferred choice for families and working professionals.

Strategies for Buyers and Sellers

Tips for Buyers:

• Act Quickly in Hot Price Ranges – Homes in the $400,000 to $599,999 bracket are moving fast. Be prepared to make competitive offers.
• Secure Financing Early – Pre-approval can give you a competitive edge, especially in competitive mid-range markets.
• Look for Value – Consider homes slightly above your budget, as sellers may be open to negotiation.

Tips for Sellers:

• Price Competitively – With the luxury market slower, pricing your home accurately is critical. Consider the market trends when setting your asking price.
• Highlight Key Features – Emphasize unique aspects of your property that align with buyer demands, such as energy-efficient upgrades or modern layouts.
• Stage Effectively – Homes that present well online and in-person are more likely to attract attention and sell quickly.

Conclusion

The 2024 real estate market shows clear trends favoring mid-range homes, with luxury properties experiencing slower movement. Buyers are prioritizing value, and sellers who align with market demands are likely to see faster sales. As mortgage rules evolve, the market landscape could shift, potentially opening new opportunities for both buyers and sellers.

Staying informed and adapting to these trends will ensure you make the most of the current market, whether you're buying your first home or selling a high-end property.