REAL ESTATE | Comparative Market Stats
2024 Real Estate Market Recap: A Year of Shifting Trends
The 2024 real estate market in Eagle County showcased growth in some areas while reflecting a more balanced pace compared to the pandemic-era frenzy. Here’s a closer look:
Market Activity: Total closings increased to 1,054 in 2024, up 7.6% from 2023’s 979 transactions, with dollar volume following suit.
Property Values: The average sold price rose to $2,487,941 (a 5.8% increase), with the average price per square foot climbing 7% to $1,040. Despite this, brokers noted the days of rapid appreciation gains are behind us.
Time on Market: Properties spent more time on the market in 2024, averaging 95 days compared to 75 days in 2023, signaling more deliberate buyer activity.
Sale-to-List Price Ratio: The 96.85% sale-to-list price ratio reflects a competitive yet measured market.
Market Conditions: With inventory remaining tight and interest rates expected to stay stable, Eagle County continues to see steady demand. While November 2024 was technically a buyer’s market, signaling more supply than demand, brokers expect unit sales and dollar volume to grow, indicating ongoing interest in the area.
The 2024 market demonstrated resilience and a shift toward more traditional dynamics, requiring sellers to adjust pricing strategies while still capitalizing on consistent demand. As we look ahead, Eagle County remains an appealing destination for buyers and investors alike.