In 2024, the U.S. housing market showed notable recovery after a weak previous year, with the gross profit on median-priced single-family homes and condos rising, albeit with profit margins decreasing. Notably, 62% of metro areas reported gross profits exceeding $100,000. The national median home price reached an all-time high of $350,000, a 4.9% increase compared to 2023. However, rising prices and mortgage rates are squeezing household budgets, especially in the context of significant returns in expensive real estate markets, highlighting a mixed outlook for the industry moving forward.
"Even though the typical profit margin stood eight percentage points below a peak hit in 2022, gross profits on median-priced home sales in 2024 still topped $100,000 in 79 metro areas."
"Home prices are stretching household budgets more and more, and mortgage rates have been going back up in recent months even as other forces put more upward pressure on prices."
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