REALTORS® Confidence Index

Key Findings

29% of homes sold above list price, up from 20% last month and 28% one year ago.

The Market Outlook from the REALTORS® Confidence Index for buyers and sellers stayed stronger than a year ago in March 2024:

26% of respondents expect a year-over-year increase in buyer traffic in the next three months, down from 30% one month ago and up from 21% one year ago.
26% of respondents expect a year-over-year increase in seller traffic in the next three months, flat from last month and up from 12% one year ago.

With supply still limited relative to demand, 29% of homes sold above list price, up from last month of 20% and 28% a year ago:

60% of respondents reported that properties sold in less than one month. This is up from 56% a month ago and down from 65% in March 2023.
Homes listed received an average of 3.1 offers, up from last month of 2.7 offers and flat from one year ago of 3.2 offers.
Due to the lack of housing inventory, the pace of the market, and the use of technology, 6% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. Down from 10% one month ago and flat from 7% one year ago.

Contracts typically closed in 30 days, the same as last month and one year ago. But some faced delays or termination:

5% of contracts were terminated in the last three months, similar to one month and one year ago.
10% of contracts had delayed settlements in the past three months, similar to last month and one year ago.
5% of contracts had delayed settlement due to appraisal issues, virtually unchanged from last month and one year ago.

First-time buyers represented 32% of buyers, up from 26% in February 2024 and 28% in March 2023. Among all buyers:

15% purchased for non-primary residence use, down from 21% last month and 17% last year.
5% were purchased for vacation use, unchanged from one month and one year ago.
2% of sellers sold to an iBuyer, flat from one month and one year ago.
2% of sales were distressed, nearly flat from one month and one year ago.

Contract activity remains competitive:

28% of buyers had all-cash sales, down from 33% last month and up from 27% last year.
22% of buyers waived the inspection contingency, down from 25% one month ago and flat from one year ago.
25% of buyers waived the appraisal contingency, up from 19% one month ago and one year ago.

Buyers continue to look outside of city centers for the majority of their activity at 86%.