COVID-19

Through the first nine months of 2024, the number of sales of Single-family Homes, Condos and Land are all down compared to 2023 for the same time frame. The market deceleration that began in 2023 following the 2020-2022 super-hot market has continued. House prices that are 40% or more higher than than they were four years ago, interest rates 3-4% more than what people had got used to, preoccupation with the November elections, and concerns about the economy, increasing government debt and the tense geopolitical situation, have all combined to dampen interest in real estate.

The slowdown that began in 2023 has continued into 2024. After explosive growth from mid-2020 through 2022—which was fueled by ultra-low interest rates and the Covid pandemic shift to work from anywhere—the market has decelerated. The market had got so hot that some pullback was inevitable. Several factors have conspired to dampen buyer enthusiasm for real estate. Read the full report to understand what’s going on in the market.

Through the first three months of 2024, the market is mixed–some segments are down, some are up. Sales of homes and land are down, but condos, multi-family and commercial are up. 2023 was a year of retrenching and stabilizing after the red-hot market of 2020-2022. What will the rest of 2024 look like?

2023 turned out to be a year of retrenching. Compared to 2022, sales were down markedly, with the number of sales and the dollar volume down in all categories of property. In all but a few cases, sales were below last year’s in every month. For the total market (all categories of property), the number of sales was down 28%; dollar sales were down 31%.