THE 2024 MARKET RECAP

Reflecting on 2024: A Year of Challenges and Triumphs

The U.S. residential real estate market faced extraordinary challenges in 2024. Home sales barely exceeded four million units, well below the historical average of 5.5 million. Sales volume was down 38% compared to the pandemic surge of 2021.

Mortgage rates, which peaked at 7.52% in April, coupled with a volatile interest rate environment, weighed heavily on both buyer confidence and purchasing power.

Meanwhile, inventory remained near historic lows despite modest increases. With over 75% of U.S. homeowners holding mortgages below 5%, many were disincentivized from selling, further constraining supply.

Despite these hurdles, home prices reached record highs. In November, the average price of a single-family home in New Hampshire surpassed $500,000 for the first time, and Vermont was not far behind, making homeownership an increasingly distant dream for many.

Additionally, the industry faced landmark legal settlements that disrupted compensation structures, alongside a wave of negative publicity and internal mismanagement within the nation’s largest trade group. For many, 2024 was a difficult year to navigate.

A Bright Spot Amid the Challenges

Yet, at Higgerson & Company, we have reason to celebrate. Our first full year as an independent brokerage serving Vermont and New Hampshire has been nothing short of extraordinary.

By the numbers, we closed over $46 million in total sales, with an average sale price of $1.3 million—including one of only three Vermont sales in 2024 to exceed $6 million. We also led in sales across multiple Upper Valley towns.

But what we’re most proud of is the opportunity to serve our community. From handing over keys to a Habitat for Humanity home to helping a client track down a mis-delivered package, our intrinsic motivation has always been to help where we can.

As one former client recently shared, “Your whole attitude, approach, and incredible customer service is the basis of your success.”

Looking Ahead to 2025

If you’re planning a real estate experience in the coming year, let us show you how our success can become your success.

Wishing you health, happiness, and prosperity in the new year,

Higgerson & Company