Market update December 2024: Seasonal market slowdowns

Real estate is in a quiet phase right now, with no big changes in rates or trends. The kneejerk reaction to the election appears to have settled, and many appear to be waiting for the new year and incoming presidency before ramping up activity again.

• Zumper reports the national median one-bedroom rent in November stayed flat from last month at $1,534 while two-bedrooms decreased 0.4% to $1,902. Rental market activity often slows in the winter months.

• November saw year-over-year rent increases of 2.3% for one-bedroom units and 2.5% for two-bedroom units – just below the US annual inflation rate of 2.6%.

• 43 of Zumper’s top 100 cities saw a dip in rental prices from the previous month. Gains were reported in 37, and 20 saw no change.

• In the sales market, the national median list price in November was $416,880, down 2% from last month, according to Realtor.com.

• The number of newly listed homes decreased 11.5% month over month, going from 365,690 in October to 323,372 in November.

• While winter is typically a quieter period for sales as well, rising mortgage rates may have also dampened optimism among buyers and sellers.

More rental market headlines
Renters looking for pet areas and happy hours over gyms and pools – Zillow
What Trump’s second term could mean for housing – PayProp blog
Old standards and new threats in property management liability – GlobeSt