January is always a fun market report to create. There’s a lot of movement in the market this time of year. Every January, there’s a low number of closings because fewer people went under contract during the holidays. That held true this year with 1,010 closings compared to 1,038 in closings January 2024 and 1,034 in January 2023. 

New listings are also almost always going to skyrocket in the month of January. Folks have waited for the holidays to be over, set a New Years Resolution to sell their property and added their home to the market in January. This year, however, was an even bigger jump than most years. Comparing December new listings to January new listings and going back 10 years, the jump of 1,249 properties added to the market in December 2024 and 2,138 listings added in January is the largest jump we’ve had in 5 years and more like the giant jumps of 2016 and 2019. This increase in inventory means more sellers are competing for buyers that now have more homes to choose from. Across all properties, we now have 4.8 months of inventory. Traditionally 6 months of inventory is a balanced market with anything less being a sellers market and anything more being a buyers market. I’d argue that the balance happens at 5 months and we’re getting close. 

Median days on market in January 2025 was 114 days meaning listings are staying on the market longer. The last time the median days on market was higher than this was February 2019. 

Percent of list price is also down to 97.4%. The last time it was lower than this was June 2020. 

The biggest number that stuck out to us for January 2025 is the huge increase in expired listings. In January 2024, 291 listings expired. This means they failed to sell during the time period specified in the listing agreement. Last month, 567 listings expired! To put that into perspective: no month in 2024 had more than 300 expired listings. This is a very big indicator that sellers are not adjusting their expectations to market reality. With almost twice as many properties expiring on the market, sellers are demonstrating that they would rather not sell at all than lower their price to actual value (value is determined by what someone is willing to pay for it). 

What does all of this mean for 2025? I honestly think that the coming years are going to be more like 2015 to 2019 than what we have experienced so far in the 2020’s. If you have a situation where you’re thinking of buying or selling, we’d love to help talk through your scenario to determine the best path forward. In a free, no-hassle consultation, we can offer a data driven approach to help you achieve your goals. We’re to help!