Zillow: 2024 housing market seeing faster sales, lower inventory, and stiffer competition than pre-pandemic
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Homes are selling much faster than before the pandemic, with a median of 30 days on market compared to 45 days pre-pandemic
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Competition among buyers remains stiff due to low inventory levels, which are 36% below pre-pandemic norms
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Nearly 30% of listings sold above asking price in December 2023, with only 16% having price cuts
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The typical mortgage payment was up 7.5% year-over-year in December 2023 and 106.5% higher than the pandemic average
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More than one in five homeowners are considering selling, compared to 15% a year ago, representing pent-up supply