As we close out 2024, it’s time to reflect on the Kingston real estate market, analyze December’s performance, and set the stage for what to expect in 2025. Here’s everything you need to know about Kingston’s real estate trends and insights.
December 2024 Snapshot
- Residential Transactions:
- Kingston recorded 77 residential transactions in December, a decrease from November’s 114. However, the year closed strong, with 1,632 total transactions—an increase of 5% compared to 2023.
- Days on Market (DOM):
- Homes in December stayed on the market for an average of 44 days, slightly longer than November’s 40 days. The yearly average of 33 days represents a 24% increase over 2023, reflecting a more patient buyer’s market.
- Average Sale Price:
- December’s average sale price of $595,000 marked a dip from November’s $622,000. However, the annual average sale price of $632,000 indicates a 2% rise compared to 2023.
- Months of Inventory:
- December closed with 4 months of inventory, up from 3 months in November. The yearly average of 3.4 months is slightly lower than the 4-month average in 2023, suggesting a gradual tightening of available listings.
Year-End Recap: How 2024 Compared to 2023
Looking back, 2024 showed steady growth and resilience:
- A moderate increase in average sale prices.
- Increased transaction volume, fueled by slightly reduced interest rates.
- Stable inventory levels, helping balance supply and demand.
2025 Market Predictions
While predicting the market is never an exact science, here are some expectations for 2025:
- Transactions: Expected to hover around 1,750 total.
- Average Sale Price: Likely to climb to approximately $650,000.
- Days on Market: Anticipated to average around 37 days.
- Months of Inventory: Should stay consistent between 3 and 5 months.
While much will depend on economic factors, including interest rate adjustments, the Kingston real estate market is poised for steady, manageable growth.
Dive Deeper into the Numbers
If you’re a data enthusiast, we’ve got you covered! Download our comprehensive Kingston Real Estate Market Report at kingstonrealestatmarket.com. It’s free, easy to read, and packed with insights to help you make informed decisions.
Closing Thoughts
2024 was a year of stability and moderate growth in Kingston’s real estate market, setting a solid foundation for 2025. Whether planning to buy, sell, or stay informed, understanding the market trends is key to success.
Let’s see what the future holds! Stay tuned for next month’s report, and if you have any real estate questions, feel free to reach out.
Thanks for reading—see you in 2025!
