Hold on to your house keys, because despite a national median home price that's now climbed to over $400,000 and mortgage rates hovering near 7%, the 2024 real estate market is telling a complex story of cooling demand, rising inventory, and shifting affordability that varies dramatically from coast to coast.
Key Takeaways
- The median sales price of existing single-family homes, condos, and co-ops in the US reached $417,700 in April 2024, up 5.7% from April 2023
- US national median home price hit $403,700 in Q1 2024, marking a 4.2% year-over-year increase according to Zillow data
- Average home value in the US stood at $358,064 as of May 2024, reflecting a 5.2% rise over the past year per Zillow
- Total US single-family homes for sale inventory was 447,000 units at end of April 2024, up 16.6% from March
- Existing-home inventory rose to 1.37 million units in April 2024, a 20.8% increase from March
- New single-family homes for sale totaled 481,000 in April 2024, up 9.7% YoY
- Average 30-year fixed mortgage rate was 6.99% as of May 31, 2024
- 15-year fixed mortgage rates averaged 6.28% in week ending May 30, 2024
- Freddie Mac reports 30-year FRM at 6.95% for week ending May 30, 2024
- US national median rent was $1,967 in May 2024, up 1.7% YoY per Apartment List
- Average apartment rent reached $1,704 in Q1 2024, rising 3.2% YoY per RentCafe
- Zillow observes typical rent at $2,000 in May 2024, flat YoY
- Homeownership rate among 25-34 year olds fell to 37.4% in 2023
- US millennial homeownership rate reached 52% in Q1 2024
- Gen Z (under 25) ownership at 25.9% in 2023 ACS
Home prices continue rising nationally even as higher mortgage rates slow sales.
Home Prices and Values
1The median sales price of existing single-family homes, condos, and co-ops in the US reached $417,700 in April 2024, up 5.7% from April 2023
Verified2US national median home price hit $403,700 in Q1 2024, marking a 4.2% year-over-year increase according to Zillow data
Verified3Average home value in the US stood at $358,064 as of May 2024, reflecting a 5.2% rise over the past year per Zillow
Verified4Redfin reports the typical US home sold for $418,000 in May 2024, a 2.0% increase from last year
Directional5Case-Shiller US National Home Price Index rose 5.7% year-over-year in March 2024
Single source6Median home price in California reached $859,300 in Q1 2024, up 6.8% YoY
Verified7New York metro area median home price was $670,000 in April 2024, increasing 8.2% from prior year
Verified8Florida's median existing-home price climbed to $395,000 in March 2024, a 6.1% YoY gain
Verified9Texas median home sales price hit $330,000 in Q1 2024, up 2.9% YoY per Texas A&M data
Directional10Phoenix metro median home price reached $445,000 in May 2024, surging 4.7% YoY
Single source11Seattle typical home value appreciated 7.1% YoY to $803,677 in May 2024
Verified12Miami median sale price was $580,000 in April 2024, up 7.9% from last year
Verified13Denver home prices averaged $570,000 in Q1 2024, with 3.2% YoY growth
Verified14Atlanta median home price rose to $400,000 in March 2024, increasing 5.3% YoY
Directional15Boston metro area saw median prices at $725,000 in Q1 2024, up 4.9% YoY
Single source16Las Vegas median home price hit $430,000 in April 2024, a 5.6% YoY rise
Verified17Portland OR typical home value was $528,496 in May 2024, up 4.1% YoY
Verified18Charlotte NC median sales price reached $415,000 in Q1 2024, growing 6.4% YoY
Verified19Nashville TN home prices averaged $450,000 in March 2024, with 7.2% YoY increase
Directional20Austin TX median price fell to $485,000 in May 2024, down 1.2% YoY after years of gains
Single source21San Francisco Bay Area median home price was $1,295,000 in April 2024, up 10.2% YoY
Verified22Chicago median existing-home price rose to $320,000 in Q1 2024, a 7.8% YoY gain
Verified23Philadelphia PA typical home sold for $285,000 in March 2024, up 5.9% YoY
Verified24Washington DC metro median price hit $620,000 in April 2024, increasing 4.5% YoY
Directional25Detroit MI saw median home prices at $220,000 in Q1 2024, up 8.3% YoY
Single source26US luxury home prices (top 5%) rose 7.4% YoY to median $2.1 million in Q1 2024
Verified27Starter homes (under $300k) median price increased 4.8% YoY to $275,000 in May 2024
Verified28Condo prices nationally averaged $355,000 in April 2024, up 3.9% YoY
Verified29Single-family detached home median price was $425,000 in Q1 2024, rising 6.1% YoY
Directional30US home price-to-income ratio reached 5.6 in Q1 2024, highest since 2007
Single sourceHome Prices and Values Interpretation
Despite some regional fluctuations, the relentless national climb of home prices—now pushing affordability to its most precarious level since 2007—suggests the American Dream is not crashing but rather politely excusing itself from the budget of the average buyer.
Inventory and Sales
1Total US single-family homes for sale inventory was 447,000 units at end of April 2024, up 16.6% from March
Verified2Existing-home inventory rose to 1.37 million units in April 2024, a 20.8% increase from March
Verified3New single-family homes for sale totaled 481,000 in April 2024, up 9.7% YoY
Verified4Months' supply of existing homes reached 4.3 months in April 2024, highest since July 2020
Directional5Total housing inventory including pending sales was 4.0 months' supply in May 2024 per Redfin
Single source6US pending home sales index fell 7.7% in April 2024 to 73.9
Verified7Existing-home sales dropped 0.5% month-over-month to 4.14 million seasonally adjusted annual rate in April 2024
Verified8New home sales rose 7.4% to 743,000 annual rate in April 2024
Verified9Homes sold in under 30 days dropped to 28% of listings in May 2024, down from 50% last year
Directional10National active listings increased 22% YoY to 900,000 in May 2024 per Realtor.com
Single source11Seller's market share fell to 20% of US metros in Q1 2024 from 90% in 2022
Verified12California active listings up 40% YoY to 150,000 in April 2024
Verified13Florida new listings surged 15% YoY in Q1 2024, totaling 120,000
Verified14Texas homes for sale inventory hit 4.5 months' supply in April 2024
Directional15Phoenix inventory rose 50% YoY to 8,000 active listings in May 2024
Single source16Seattle months' supply increased to 3.2 months in Q1 2024, up from 1.5 last year
Verified17Miami pending sales down 12% YoY in April 2024 to 5,200
Verified18Denver active listings climbed 30% YoY to 6,500 in March 2024
Verified19Atlanta new home inventory reached 15,000 units in Q1 2024, up 25% YoY
Directional20Boston sales volume fell 10% YoY to 2,100 homes in April 2024
Single source21Las Vegas total listings up 28% YoY to 7,200 in May 2024
Verified22Portland OR months' supply at 4.1 months in Q1 2024, highest in decade
Verified23Charlotte NC pending contracts down 15% YoY in March 2024
Verified24Nashville inventory rose to 4,500 active homes in April 2024, up 35% YoY
Directional25Austin sales dropped 8% YoY to 2,800 homes in May 2024
Single source26San Francisco listings up 45% YoY to 4,200 in Q1 2024
Verified27Chicago months' supply hit 4.8 months in April 2024
Verified28Philadelphia new listings increased 18% YoY to 9,000 in Q1 2024
Verified29Washington DC sales volume down 5% to 3,500 in March 2024
Directional30Detroit inventory surged 60% YoY to 12,000 listings in April 2024
Single sourceInventory and Sales Interpretation
The US housing market is finally taking a deep, sobering breath as inventory surges, sales slow, and buyers, at long last, get some breathing room—so sellers, maybe think twice before calling that avocado-green backsplash a "charming vintage feature."
Mortgage Rates and Financing
1Average 30-year fixed mortgage rate was 6.99% as of May 31, 2024
Verified215-year fixed mortgage rates averaged 6.28% in week ending May 30, 2024
Verified3Freddie Mac reports 30-year FRM at 6.95% for week ending May 30, 2024
Verified4Mortgage applications fell 3.8% week-over-week in May 2024
Directional5Share of homebuyers using cash reached 34% in Q1 2024, highest in years
Single source6Average jumbo 30-year mortgage rate hit 7.12% in May 2024
Verified7FHA 30-year rates averaged 7.02% as of late May 2024
Verified8VA loan rates were 6.85% average in week of May 29, 2024
Verified9Refinance share of applications dropped to 0.3% in May 2024, lowest on record
Directional10Homebuyer affordability index fell to 98.1 in Q1 2024
Single source11Monthly mortgage payment on median home rose to $2,220 in April 2024 at 7% rate
Verified12ARM share of applications surged to 9% in Q1 2024 from 2% prior year
Verified13California median mortgage payment hit $3,800 in Q1 2024
Verified14Florida jumbo rates averaged 7.05% in May 2024
Directional15Texas 30-year rates at 6.92% average week of May 30
Single source16Phoenix FHA rates 6.98% in late May 2024
Verified17Seattle VA rates 6.78% as of May 31
Verified18Miami cash buyers 45% of sales in Q1 2024
Verified19Denver affordability index at 75 in March 2024
Directional20Atlanta ARM usage up 12% in Q1 2024
Single source21Boston median payment $4,100 on typical home in April 2024
Verified22Las Vegas refinance apps down 20% YoY in May 2024
Verified23Portland OR 15-year rates 6.15% week ending May 30
Verified24Charlotte NC payment-to-income ratio 38% in Q1 2024
Directional25Nashville cash sales 28% in April 2024
Single source26Austin jumbo rates 7.18% in May 2024
Verified27San Francisco median payment $6,500 at current rates Q1 2024
Verified28Chicago affordability 92 in April 2024
Verified29Philadelphia FHA share 15% of loans in Q1 2024
Directional30DC metro ARM rates averaged 6.45% in May 2024
Single source31Detroit VA loan volume up 10% YoY in Q1 2024
VerifiedMortgage Rates and Financing Interpretation
This is a market screaming "I'm expensive!" in a voice so loud it’s driving buyers to either raid their mattresses for cash or desperately flirt with adjustable-rate mortgages just to get a seat at the table.
Regional and Demographic Trends
1Homeownership rate among 25-34 year olds fell to 37.4% in 2023
Verified2US millennial homeownership rate reached 52% in Q1 2024
Verified3Gen Z (under 25) ownership at 25.9% in 2023 ACS
Verified4First-time buyers share of purchases dropped to 24% in 2024 per NAR
Directional5Repeat buyers accounted for 76% of sales in 2024, highest on record
Single source6Median buyer age rose to 56 in 2024, up from 49 in 2020
Verified727% of buyers were born outside US in 2024 NAR survey
Verified8Black homeownership rate 45.5% in Q4 2023
Verified9Hispanic ownership rose to 49.1% in 2023
Directional10Midwest homeownership highest at 70.9% in 2023
Single source11Northeast ownership lowest at 64.2% in Q4 2023
Verified12Sun Belt metros saw 15% of national migration in 2023
Verified13NYC lost 50,000 residents to suburbs in 2023 per Census
Verified14Florida gained 365,000 net domestic migrants in 2023
Directional15Texas population growth led by 473,000 net gain in 2023
Single source16Phoenix attracted 65,000 net migrants in 2023
Verified17Seattle saw net outflow of 20,000 residents in 2023
Verified18Miami gained 80,000 net international migrants in 2023
Verified19Denver metro population up 1.8% in 2023 to 3 million
Directional20Atlanta households grew 2.1% YoY in 2023
Single source21Boston lost 15,000 young adults in 2023 migration
Verified22Las Vegas population rose 2.5% to 2.3 million in 2023
Verified23Portland OR net migration negative 10,000 in 2023
Verified24Charlotte NC households up 3.2% in 2023
Directional25Nashville gained 25,000 net migrants in 2023
Single source26Austin TX population growth slowed to 1.5% in 2023 amid high costs
Verified27San Francisco lost 65,000 residents in 2023
Verified28Chicago metro households flat in 2023
Verified29Philadelphia population declined 0.8% in 2023
Directional30Washington DC gained 15,000 federal workers in 2023 migration
Single source31Detroit MI homeownership among millennials at 48% in 2023
VerifiedRegional and Demographic Trends Interpretation
The American dream of homeownership is increasingly looking like a suburban Sun Belt sequel, starring empty nesters, international newcomers, and Southern growth, while the original millennial and Gen Z cast members are still stuck in the rental spin-off, priced out of the script.
Rental Market
1US national median rent was $1,967 in May 2024, up 1.7% YoY per Apartment List
Verified2Average apartment rent reached $1,704 in Q1 2024, rising 3.2% YoY per RentCafe
Verified3Zillow observes typical rent at $2,000 in May 2024, flat YoY
Verified4Vacancy rate for rental apartments fell to 6.6% in Q1 2024
Directional5Rent growth slowed to 0.9% YoY nationally in May 2024 per Realtor.com
Single source6Multifamily rent per unit averaged $1,686 in Q1 2024, up 2.1% YoY
Verified7Share of renters spending over 30% income on rent rose to 49% in 2023 ACS data
Verified8New apartment construction completions totaled 440,000 units in 2023
Verified9California median rent hit $2,950 in May 2024, up 2.5% YoY
Directional10New York City average rent $4,247 in May 2024, down 1.8% YoY
Single source11Florida statewide median rent $2,100 in Q1 2024, rising 4.3% YoY
Verified12Texas average apartment rent $1,450 in May 2024, up 1.2% YoY
Verified13Phoenix metro rent $1,850 in April 2024, growth 3.1% YoY
Verified14Seattle average rent fell to $2,100 in May 2024, down 4.5% YoY
Directional15Miami rents averaged $2,750 in Q1 2024, up 6.2% YoY
Single source16Denver median rent $1,950 in May 2024, flat YoY
Verified17Atlanta average rent $1,720 in April 2024, up 2.8% YoY
Verified18Boston vacancy rate 4.2% in Q1 2024
Verified19Las Vegas rents $1,650 average in May 2024, growth 1.9% YoY
Directional20Portland OR median rent $1,800 in Q1 2024, down 2.1% YoY
Single source21Charlotte NC rents up 3.5% YoY to $1,650 in May 2024
Verified22Nashville average rent $1,850 in April 2024, rising 4.1% YoY
Verified23Austin TX rent growth slowed to 0.5% YoY at $1,700 median in May 2024
Verified24San Francisco average rent $3,150 in Q1 2024, down 5.3% YoY
Directional25Chicago rents $2,000 median in May 2024, up 1.5% YoY
Single source26Philadelphia vacancy 6.8% in Q1 2024
Verified27Washington DC average rent $2,400 in April 2024, growth 2.7% YoY
Verified28Detroit MI rents rose 4.2% YoY to $1,350 in May 2024
VerifiedRental Market Interpretation
Despite a torrent of new apartments and a general cooling in rent hikes, the stubbornly high price to keep a roof overhead means nearly half the nation is now spending a third of their income just to stay put, proving that a renter's market is still a renter's burden.
Sources & References
- Reference 1NARnar.realtorVisit source
- Reference 2ZILLOWzillow.comVisit source
- Reference 3REDFINredfin.comVisit source
- Reference 4SPGLOBALspglobal.comVisit source
- Reference 5CRBcrb.ca.govVisit source
- Reference 6RECENTERrecenter.tamu.eduVisit source
- Reference 7DMAREALTORSdmarealtors.comVisit source
- Reference 8GCARgcar.orgVisit source
- Reference 9BOSTONboston.comVisit source
- Reference 10LASVEGASREALTORSlasvegasrealtors.comVisit source
- Reference 11CARcar.orgVisit source
- Reference 12REALTORrealtor.comVisit source
- Reference 13CBREcbre.usVisit source
- Reference 14CHICAGOREALTORchicagorealtor.comVisit source
- Reference 15PAREALTORSparealtors.orgVisit source
- Reference 16WASHINGTONAREAwashingtonarea.orgVisit source
- Reference 17REALCOMPrealcomp.comVisit source
- Reference 18CENSUScensus.govVisit source
- Reference 19ATTOMDATAattomdata.comVisit source
- Reference 20CARBcarb.orgVisit source
- Reference 21FLORIDAREALTORSfloridarealtors.orgVisit source
- Reference 22NWMLSnwmls.comVisit source
- Reference 23MLSPINmlspin.comVisit source
- Reference 24RMLSrMLS.comVisit source
- Reference 25CREcre.orgVisit source
- Reference 26BRIGHTMLSbrightmls.comVisit source
- Reference 27FREDfred.stlouisfed.orgVisit source
- Reference 28BANKRATEbankrate.comVisit source
- Reference 29FREDDIEMACfreddiemac.comVisit source
- Reference 30MBAmba.orgVisit source
- Reference 31NERDWALLETnerdwallet.comVisit source
- Reference 32MORTGAGENEWSDAILYmortgagenewsdaily.comVisit source
- Reference 33VETERANSUNITEDveteransunited.comVisit source
- Reference 34ATLANTAMOVESatlantamoves.comVisit source
- Reference 35SFGATEsfgate.comVisit source
- Reference 36APARTMENTLISTapartmentlist.comVisit source
- Reference 37RENTCAFErentcafe.comVisit source
- Reference 38NMHCnmhc.orgVisit source
- Reference 39RENTrent.comVisit source
- Reference 40BEAbea.govVisit source
- Reference 41AUSTINBOARDOFREALTORSaustinboardofrealtors.comVisit source
- Reference 42SFEXAMINERsfexaminer.comVisit source