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Housing Market Trends

Stay on top of real estate trends so you can make confident decisions when buying or selling your home.

Total Homes for Sale

940,980

*Last update: October 9, 2024. Next scheduled update: November 7, 2024. Sources: Realtor.com® and Freddie Mac.

Total Homes for Sale

940,980

+34% year over year (September 2023)

There’s a big bump in homes for sale compared to last year. That’s great news for buyers! More listings mean more options, which could help lower home prices in some markets.

Avg. 15-Year Fixed Mortgage Rate

5.26%

-0.42 month over month (August 2024)

The average 15-year fixed rate went down compared to last month. With lower rates helping you save on interest, now could be a great time to buy if you’re financially ready.

Median Home Price

$425,000

-1% month over month (August 2024)

When it comes to house prices, it all boils down to supply and demand. Now that there are more options for buyers, we’ve noticed a small dip in the median home price.

Median Days on Market

55

+7 days year over year (September 2023)

Higher home costs have some buyers on the fence, so properties are taking longer to sell than this time last year.

What Does This Mean For You?

Buyers

Closing on an affordable home you love is still possible. Just make sure you’re debt-free, have an emergency fund, and have a down payment saved. Plus, keep your house payment at 25% or less of your monthly take-home pay with a 15-year fixed-rate mortgage.

Sellers

With more homes hitting the market, buyers have more options and could overlook your house for a cheaper deal. To get top dollar for your home, work with an expert negotiator. They'll help you pick the best offer and walk you through every detail from contract to closing.

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How Do Fed Interest Rate Cuts Impact Mortgage Rates?

The Federal Reserve (also known as the Fed) is the U.S. central bank that creates money and sets interest rates. Now, the Fed doesn’t tell commercial banks what interest rates to charge on loans, but it does influence the banks’ rates by setting a target for the federal funds rate. 
 
Even though the Fed doesn’t actually set mortgage interest rates, its decisions can still affect your mortgage. In our article about the Federal Reserve, get the full breakdown—and the answer to your big question: Should I buy a house now or wait?

Federal Reserve building

Crunch Your Home-Buying and Selling Numbers

Learn More to Reach Your Home Goals

Housing Market Predictions for 2023
Home Buying

Housing Market Predictions for 2024

Rachel Cruze Rachel Cruze

If you’re unsure, take your best guess.

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