Single Detached
Months of inventory for single detached homes numbered 10.4 at the end of the first quarter of 2024, up from the 3.9 months recorded at the end of the first quarter of 2023. This was the highest level of months of inventory ever recorded in a first quarter.
The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
With a more balanced market, homes spent more time on the market in the first quarter of 2024 than they had a year earlier.
The median number of days on market for single detached homes was 60 in the first quarter of 2024, up from 43 days in the first quarter of 2023.
Townhouse
Months of inventory for townhouse and row units numbered 7 at the end of the first quarter of 2024, up from the 2.7 months recorded at the end of the first quarter of 2023.
The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
With a more balanced market, townhouse and row units spent more time on the market in the first quarter of 2024 than they had a year earlier.
The median number of days on market for townhouse and row units was 44.5 in the first quarter of 2024, up from 27.5 days in the first quarter of 2023.
Apartment Units
Months of inventory for apartment units numbered 9.2 at the end of the first quarter of 2024, up from the 3.2 months recorded at the end of the first quarter of 2023.
The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
With a more balanced market, apartment units spent more time on the market in the first quarter of 2024 than they had a year earlier.
The median number of days on market for apartment units was 46 in the first quarter of 2024, up slightly from 44 days in the first quarter of 2023.
