Key Findings
29% of homes sold above list price, up from 20% last month and 28% one year ago.
The Market Outlook from the REALTORS® Confidence Index for buyers and sellers stayed stronger than a year ago in March 2024:
- 26% of respondents expect a year-over-year increase in buyer traffic in the next three months, down from 30% one month ago and up from 21% one year ago.
- 26% of respondents expect a year-over-year increase in seller traffic in the next three months, flat from last month and up from 12% one year ago.
With supply still limited relative to demand, 29% of homes sold above list price, up from last month of 20% and 28% a year ago:
- 60% of respondents reported that properties sold in less than one month. This is up from 56% a month ago and down from 65% in March 2023.
- Homes listed received an average of 3.1 offers, up from last month of 2.7 offers and flat from one year ago of 3.2 offers.
- Due to the lack of housing inventory, the pace of the market, and the use of technology, 6% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. Down from 10% one month ago and flat from 7% one year ago.
Contracts typically closed in 30 days, the same as last month and one year ago. But some faced delays or termination:
- 5% of contracts were terminated in the last three months, similar to one month and one year ago.
- 10% of contracts had delayed settlements in the past three months, similar to last month and one year ago.
- 5% of contracts had delayed settlement due to appraisal issues, virtually unchanged from last month and one year ago.
First-time buyers represented 32% of buyers, up from 26% in February 2024 and 28% in March 2023. Among all buyers:
- 15% purchased for non-primary residence use, down from 21% last month and 17% last year.
- 5% were purchased for vacation use, unchanged from one month and one year ago.
- 2% of sellers sold to an iBuyer, flat from one month and one year ago.
- 2% of sales were distressed, nearly flat from one month and one year ago.
Contract activity remains competitive:
- 28% of buyers had all-cash sales, down from 33% last month and up from 27% last year.
- 22% of buyers waived the inspection contingency, down from 25% one month ago and flat from one year ago.
- 25% of buyers waived the appraisal contingency, up from 19% one month ago and one year ago.
Buyers continue to look outside of city centers for the majority of their activity at 86%.