In December 2024, the median home price in the US fell to $402,502, down from $410,000 in 2023. This decline reflects a broader trend in several major metropolitan areas, including San Francisco, Miami, and Austin. Factors like high mortgage rates and increased home financing costs have reduced buyer competition, leading to longer market durations for homes and price reductions by sellers. Cities such as Miami and Austin have experienced notable price drops of 9.9% and 7.7%, respectively. Realtor.com’s analysis indicates a general easing in the housing market as prices adjust to decreased demand.
In December, the median sales price for the entire US dipped a bit - to $402,502 - from the previous year.
Consistently high mortgage rates and an overall increase in home financing costs have sidelined many prospective buyers.
Several big US cities saw home prices drop last month compared to the same time the year before.
Now, with less demand, homes are staying on the market longer, prompting many sellers to reduce their prices.
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