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Home » Housing »® Reveals Buyer-Friendly Trends for March Housing Market® Reveals Buyer-Friendly Trends for March Housing Market

By RealtyBiz News | April 4, 2024

The® March Housing Report reveals a positive combination of increasing supply and a notable increase in price reductions, establishing a sanguine atmosphere for the upcoming spring season. According to the data, the percentage of residences that experienced price reductions increased to a noteworthy 15.0% in March, marking the greatest level in a span of five years. Concurrently, there was a significant surge of 23.5% in the overall quantity of active residential listings compared to March of the preceding year, although it still dropped short of pre-pandemic levels. The confluence of these elements offers purchasers a positive prospect as they navigate the ever-changing housing market.

List of the 10 Metro Areas with the Largest Share of Price Reductions of Total Inventory

  1. Tampa-St. Petersburg-Clearwater, Fla. – 27.6%
  2. Phoenix-Mesa-Chandler, Ariz. – 23.0%
  3. Austin-Round Rock-Georgetown, Texas – 22.3%
  4. Jacksonville, Fla. – 22.1%
  5. San Antonio-New Braunfels, Texas – 21.8%
  6. Orlando-Kissimmee-Sanford, Fla. – 20.2%
  7. Portland-Vancouver-Hillsboro, Ore.-Wash. – 20.1%
  8. Miami-Fort Lauderdale-Pompano Beach, Fla. – 19.7%
  9. Dallas-Fort Worth-Arlington, Texas – 19.5%
  10. Memphis, Tenn.-Miss.-Ark. – 19.3%

Nationwide Price Cuts on the Rise

Across the nation, price reductions saw an upward trend compared to the previous year. The South experienced a notable 3.5 percentage point increase, while the Midwest, Northeast, and West saw rises of 1.0, 0.5, and 0.2 percentage points respectively.

Surge in Home Listings as Inventory Climbs

From January 2024 to March 2024, the inventory of actively listed homes reached its highest level since 2020. Although inventory appears to be on an upswing, it's crucial to note that the market remains 37.9% below pre-pandemic levels. Mirroring the trend from February 2024, the price range between $200,000 and $350,000 outpaced all other categories, with a 30.5% growth compared to March 2023. Several metro areas experienced substantial gains in active inventory, including Tampa (+58.3%), Orlando (53.3%), and Miami (48.2%).

Median List Price Fluctuations

The national median list price rose from $415,500 to $424,900 between February and March 2024. However, when compared to last year, the median list price only increased by 0.2% from March 2023. For two weeks in March, the median list price even dipped below the previous year's levels. Of the 50 largest metros, 18 saw their median list price decline compared to last year, including Miami (-8.4%), Oklahoma City (-8.3%), and San Francisco (-7.6%), while Los Angeles (+15.1%), Richmond (+11.8%), and Pittsburgh (+11.6%) experienced the most significant increases. As prices fluctuate, so do the requirements for financing a home. With mortgage rates hovering between 6.6% and 7% for the past three months, the cost of financing a home (assuming a 20% down payment) increased by $63 compared to last March.

March 2024 Housing Metrics – National

MetricChange over Mar 2023Change over Mar 2019
Median listing price+0.2% (to $422,700)+38.9 %
Active listings+32.5 %-37.7 %
New listings+16.5 %-17.2 %
New listings-2 days (to 50 days) -15  days
Share of active listings with price reductions+2.2 percentage points(to 15.0%)+0.0  percentage points

Additional details and a full analysis of the market inventory levels, price reductions, fluctuations and stabilization can be found in the® March Monthly Housing Report.

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