Stockberger: Could home sales be making a comeback?
Dec. 9, 2024
This paid piece is sponsored by Amy Stockberger Real Estate.
By Amy Stockberger
For the first time in over three years, existing U.S. home sales increased year over year, reaching a seasonally adjusted annual rate of 3.96 million in October.
The average home’s value went up by more than 57 percent over the past five years. And if you expand that to roughly 30 years, home values have more than tripled.
That gives homeowners a big boost to their net worth.
So what exactly does this mean?
So glad you asked! Even though 2024 is shaping up to have the fewest home sales on record, the rise in sales in October could be a sign that the housing market is starting to recover.
After a long stretch of slowing home sales, data from the National Association of Realtors shows three main trends that are worth paying attention to:
- More homes are selling, and prices are still rising. Homeowners are seeing their equity grow as prices climb.
- There’s more inventory to choose from. For buyers, the market is offering a bit more breathing room as the number of available homes rises.
- Buyers are starting to come back. The year-over-year sales increase shows that demand is picking up, even with mortgage rates higher than in years past.
For homeowners, this means rising equity and an opportunity to sell at peak prices. For buyers, the growing inventory finally could offer a wider selection of homes to choose from.
Below, we’ll break down what’s behind the numbers, explore how rising prices and inventory are shaping the market, and share actionable insights for homeowners looking to take advantage of these trends.
1. More homes are selling, and prices are still rising
Homeowners, this one’s for you: The value of your home likely is continuing to grow. In October, the median existing-home price rose to $407,200—a 4 percent increase compared with last year. That’s the 16th straight month of year-over-year price growth.
Here in the greater Sioux Falls area, the median home price was $315,000 in October, a 5 percent increase year over year. This shows that despite the low transactions count this year, home prices are still going up.
For many sellers, this means a chance to cash in on rising equity. Lawrence Yun, chief economist for the National Association of Realtors, summed it up perfectly: “The ongoing price gains mean increasing wealth for homeowners nationwide.”
Yun also expects home prices to continue rising over the next two years, predicting a 9 percent year-over-year increase in 2025 and a 13 percent year-over-year increase in 2026.
2. There’s more inventory to choose from
For the past few years, buyers have faced limited options in the housing market. But that’s starting to change. The inventory of unsold homes rose 19 percent nationwide compared with last year, giving buyers more options than they’ve had in a while.
Locally, however, we saw a 2.5 percent decrease in housing inventory in October, while new listings were up 9.7 percent year over year.
This growing inventory means two things:
- For sellers: More competition. Preparing your home to stand out — through staging, pricing it competitively and marketing — will be key.
- For buyers: A bit more choice and less pressure to bid on the first home you see.
If you’ve been waiting for the market to offer more balance, this could be the sign you’ve been waiting for.
3. Buyers are starting to come back
NAR’s report shows that home sales are up year over year — the first time we’ve seen this since July 2021. Even with elevated mortgage rates, buyers are finding ways to reenter the market, driven by job stability and growing economic confidence.
While mortgage rates are hovering still around 6.78 percent for a 30-year, fixed-rate loan, they’ve stabilized. And Yun predicts that they could dip into the lower 6 percent range in 2025.
This demand is creating a sweet spot for motivated sellers: Buyers are ready, inventory is growing, and prices are holding steady.
Also, our local market has tons of fabulous loan products for buyers right now, including 100 percent financing options, meaning no down payment needed, closing-cost assistance and lowered interest rates. For more details on all the best loan products, contact me here.
Final thoughts
If you’ve been considering selling, now may be a great time to act. With prices still rising and demand picking up, listing your home soon could help you attract serious buyers and secure a strong return. Just keep in mind that more inventory means that your home needs to shine. Staging, high-quality photos and competitive pricing are more important than ever.
For buyers, the good news is that you have more choices. The rising inventory is making it easier to find homes that fit your needs and budget. While mortgage rates are higher still than a few years ago, they’re stabilizing. If you’re ready to buy, the best strategy is to get pre-approved, understand your budget and stay patient while exploring your options.
At Amy Stockberger Real Estate, we’re here to make navigating this market as smooth and rewarding as possible. That’s why we’ve built our Lifetime Home Support™ model to guide you at every step of the homeownership journey — before, during and forever.
- Selling? Take advantage of our Home Support Team Partners to prepare your home to shine in a competitive market.
- Buying? Access exclusive off-market properties through our Exclusive Buyer Access Program and connect with trusted lenders offering incredible loan products like 100 percent financing and closing-cost assistance.
With services and strategies designed to build wealth through real estate and elevate the client experience, we’re here to help you make confident, informed decisions in today’s market.
Ready to explore your options? Let’s chat and create a personalized plan for your next move. Connect with me here for a discovery call. For a comprehensive guide on things to consider when buying, click here, and for one on selling, click here.
Visit Amy Stockberger Real Estate, or give us a call at 605-376-6780 to get started.
And don’t forget to vote for The Local Best! We’d love your vote here for Amy Stockberger and here for Amy Stockberger Real Estate.
Looking to buy or sell a home? Visit Amy Stockberger Real Estate here.
Click here to view our listings.
Click here if you are considering a relocation to Sioux Falls or the surrounding area or want a free relocation packet full of nuggets of info about the best of Sioux Falls.
Considering a career in real estate or thinking about making a move? See how Amy Stockberger Real Estate guarantees to build big, juicy legacies for everyone in our ecosystem.
Click here to see if your company is a fit for our Home Support Team.
Click here for info on Amy Stockberger Real Estate’s free VIP Club.
Click here for details on Amy Stockberger Real Estate’s Love It or Leave It Guarantee.
Need a conference or training room? Use ours.
Find Amy Stockberger Real Estate on Facebook here.
