2024 has just begun, and we’re already eager to start strategizing. Whether you’re the type to set a resolution and stick to it or the sort of person who waits for a sign, we can all agree that, when it comes to predicting the future, a good place to start is with the information and insights we have at the present.
It looks like less is more when it comes to the numbers.
When comparing the fourth quarter data year over year, we saw some ups and downs—but overall, there was less substantial change than we’ve been seeing in other quarterly reports. With increases of only 1.6% in listings under contract and 2.5% in new listings, as well as decreases of only 4.7% in inventory and 8.9% in sold listings, we’re seeing a bit more consistency when comparing this quarter to the year prior.
The outlier is, once again, off-market listings, which saw a 19% increase. While higher than the increase we saw of 7% in 2023 when compared to the previous year’s Q3, it’s a far less startling increase than Q2’s 40.43% increase, Q1’s increase of 64%, and especially Q4 of 2022’s increase of 102%.
There’s any number of factors that continue to drive the number of off-market listings up—and you can learn more about them here.
How to create your success in your 2024 market
While many of the challenges that existed for homebuyers in 2023 will persist into 2024, there’s hope: if inventory does continue to rise, it will relieve some of the pressure in the market, giving buyers and sellers more breathing room.
With comprehensive reports from BrokerMetrics, you can see how all these numbers—and more—compare, year over year. And when you’re working with the best insights that data can offer, it’s easy to see how your business fits into the big picture.