Although U.S. home sales decreased in 2024 compared with 2023, some metro areas still posted substantial sales growth
Daniel Boswell provided the research and analysis for these insights
As housing markets begin to normalize after the country’s post-pandemic sales explosion, sales have been highly scrutinized. Despite the nation’s 2024 housing inventory being well above 2023 levels for most of the year, national sales were near or below 2023 volumes for most of 2024, according to CoreLogic MLS data.
However, in examining metro-level sales figures, it turns out that there are quite a few cities that were well above the national sales levels.
Markets Where Home Sales and Prices Grew in 2024
Home sales and price change trends varied greatly by geography in 2024. For example, while sales dropped by about 35% in the Cincinnati metro, prices were up by 4%. Meanwhile some relatively expensive markets — including San Jose; Anaheim, CA; Washington, D.C.; and Honolulu — saw some of the nation’s largest sales increases while prices continued to climb. In fact, Silicon Valley’s perennially hot housing market showed 16% price growth, while sales rose by just 8% during the same period.
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Figure 1 shows 15 U.S. metro areas with the largest increases in closed home sales from 2023 through 2024. This chart is limited to only those metros with greater than 5,000 sales annually. The change in the average price shows that all cities with large sales growth also posted some increase in the average sales price.
Florida, Southern Metros Post Sizable Home Sales Declines
Some of the previously “hottest”, or fastest-growing, U.S. cities and regions are among the top 15 cities for sales losses. Perhaps the most noticeable absence are cities from the South, an area that has seen major growth and sales during recent years. Also important to keep in mind is that the maximum sales growth out of these cities is about 16%, not a particularly large number in and of itself, but relatively large with regards to sales.
You may notice several other key points in Figures 2 and 3 for the largest sales decreases. Florida has multiple large cities with double-digit losses, perhaps due to booms in previous years of unsustainable growth as well as multiple catastrophic storms across the state.
And the missing Southern and Sun Belt cities or previously hot areas for sales growth? Many of these metros, including Atlanta; Austin, Texas; Charlotte, N.C.; and Phoenix, pop up in Figure 3 for the largest sales declines. Perhaps these cities have become unaffordable as homebuyers seek more affordable areas.
Home sales and price growth trends will surely shift again in 2025, partially due to existing affordability issues, which are exacerbated by mortgage rates that began 2025 near 7%, according to Freddie Mac data. In CoreLogic’s latest Home Price Insights report, company Chief Economist Selma Hepp expects that national home prices will cool throughout 2025, with prospective homebuyers seeking more affordable areas in the Midwest, which will drive price growth in those regions.
For ongoing coverage of the latest housing market trends, insights and data, be sure to regularly check CoreLogic’s Office of the Chief Economist’s home page.
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Written by: Economy Team