In this article, we analyze county-level residential property market trends for Q4 2024 (October – December) using Trulia's listings and sold property data. The dataset includes condo, multifamily, and single-family sales listings and data for properties sold. The spatial analysis scope of this article covers 697 key counties selected by Market Stadium, an increase from the 689 counties analyzed in Q3 2024.
To better understand the market shifts, we compare Q4 figures with Q3 trends. This comparison allows us to identify changes in listing volume, sales activity, and market demand across major counties.
Overall Trends
The figure below shows the monthly listings and sold property counts for both Q3 and Q4 2024. A few key observations emerge from the comparison:
Increase in Listings: The total number of sales listings increased significantly in Q4 compared to Q3. This is especially evident when comparing September 2024 (approximately 367,000 listings) to October 2024 (around 643,000 listings), marking a dramatic rise in market inventory.
Sold Counts Did Not Increase Proportionally: Despite the increase in listings, the number of properties sold did not experience a comparable surge. The average sold count in Q4 remained relatively stable, resulting in an overall decline in the sold-to-listing ratio.
Lower Market Volatility in Q4: Unlike Q3, where month-over-month fluctuations in listings and sales were more pronounced, Q4 saw relatively stable figures across the three months (October to December). Listings fluctuated within a narrower range (approximately 591,000 to 644,000), while sold counts remained between 175,000 and 287,000.
These trends indicate that while supply in the housing market has grown, demand has not kept pace, leading to a potential cooling trend in the market.
Number of Sold Properties at County-Level
We conducted a county-level analysis for Q4, focusing on 472 counties that met the threshold of at least 500 sales listings over the three-month period. The table below shows the top 10 counties with the highest number of properties sold, along with their rank changes compared to Q3.
Maricopa County (Phoenix-Mesa-Chandler, AZ), Los Angeles County (Los Angeles-Long Beach-Anaheim, CA), and Cook County (Chicago-Naperville-Elgin, IL-IN-WI) remained the top three counties with the highest number of properties sold. Maricopa County recorded 16,134 sales, followed closely by Los Angeles County with 15,108 sales and Cook County with 14,909 sales.
Additionally, Miami-Fort Lauderdale-Pompano Beach, FL, had two counties—Broward County and Miami-Dade County—ranking in the top 10. However, these counties recorded the lowest sold-to-listing ratios among the top 10, with Broward County at 0.2021 and Miami-Dade County at 0.2154. This mirrors Q3 trends, suggesting that demand in this region remains relatively weak.
One of the most notable changes was Franklin County (Columbus, OH), which surged 17 ranks to enter the top 10. With 6,838 properties sold and a sold-to-listing ratio of 0.9514, Franklin County had the highest demand among the top 10 counties in Q4 2024.
Table1. Top 10 counties with the highest number of properties sold (Q4 2024)
Rank (Change) | County NAME | MSA NAME | Total Sold | Total Listing | Sold to Listing Ratio |
1 (2▲) | Maricopa County | Phoenix-Mesa-Chandler, AZ | 16,134 | 39,533 | 0.4081 |
2 (1▼) | Los Angeles County | Los Angeles-Long Beach-Anaheim, CA | 15,108 | 38,328 | 0.3942 |
3 (1▼) | Cook County | Chicago-Naperville-Elgin, IL-IN-WI | 14,909 | 26,860 | 0.5551 |
4 (4▲) | Clark County | Las Vegas-Henderson-Paradise, NV | 8,465 | 23,692 | 0.3573 |
5 (7▲) | Riverside County | Riverside-San Bernardino-Ontario, CA | 7,491 | 21,222 | 0.3530 |
6 (16▲) | Franklin County | Columbus, OH | 6,838 | 7,187 | 0.9514 |
7 ( - ) | King County | Seattle-Tacoma-Bellevue, WA | 6,827 | 10,173 | 0.6711 |
8 (1▲) | Broward County | Miami-Fort Lauderdale-Pompano Beach, FL | 6,822 | 33,761 | 0.2021 |
9 (3▼) | Miami-Dade County | Miami-Fort Lauderdale-Pompano Beach, FL | 6,643 | 30,834 | 0.2154 |
10 (6▼) | San Diego County | San Diego-Chula Vista-Carlsbad, CA | 6,100 | 12,730 | 0.4792 |
Sold to Listing Ratio at County-Level
The table below presents the top 10 counties with the highest sold-to-listing ratios, an indicator of strong market demand. Notably, the overall trend of declining sold-to-listing ratios continued in Q4, with the top 10 counties now ranging from 1.3218 to 1.0000, compared to Q3's 1.9848 to 1.4480.
McLean County (Bloomington, IL) experienced a significant jump, climbing five ranks to take the top spot in Q4 with a high sold to listing ratio of 1.3218. Also, Hartford-East Hartford-Middletown, CT remained one of the strongest demand regions. Hartford County, which had the highest sold-to-listing ratio in Q3, dropped to second place but still retained a high ratio of 1.3170. Middlesex County also saw a slight decline in rank but remained in the top 5.
Milwaukee County (Milwaukee-Waukesha, WI) dropped six positions but remains one of the most significant markets in this ranking, alongside Hartford County, as one of the two counties with over 3,000 properties sold in the top 10.
Fairfield County (Columbus, OH) had one of the most dramatic increases, rising 75 ranks to claim third place, with a sold-to-listing ratio of 1.0553. Similarly, Prince William County (Washington-Arlington-Alexandria, DC-VA-MD-WV) moved up 59 positions, securing fourth place with a ratio of 1.0477. These increases suggest heightened market activity and strong demand in these regions.
Other counties in the top 10 include Morris County (New York-Newark-Jersey City, NY-NJ-PA), Essex County (Boston-Cambridge-Newton, MA-NH), Delaware County (Philadelphia-Camden-Wilmington, PA-NJ-DE-MD), and Tazewell County (Peoria, IL).
Table2. Top 10 counties with the highest sold to listing ratios (Q4 2024)
Rank | County NAME | MSA NAME | Total Sold | Total Listing | Sold to Listing Ratio |
1 (5▲) | McLean County | Bloomington, IL | 686 | 519 | 1.3218 |
2 (1▼) | Hartford County | Hartford-East Hartford-Middletown, CT | 3166 | 2404 | 1.3170 |
3 (75▲) | Fairfield County | Columbus, OH | 973 | 922 | 1.0553 |
4 (59▲) | Prince William County | Washington-Arlington-Alexandria, DC-VA-MD-WV | 967 | 923 | 1.0477 |
5 (3▼) | Middlesex County | Hartford-East Hartford-Middletown, CT | 702 | 680 | 1.0324 |
6 (2▼) | Morris County | New York-Newark-Jersey City, NY-NJ-PA | 1616 | 1601 | 1.0094 |
7 ( - ) | Essex County | Boston-Cambridge-Newton, MA-NH | 1872 | 1864 | 1.0043 |
8 (10▲) | Delaware County | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1658 | 1655 | 1.0018 |
9 (6▼) | Milwaukee County | Milwaukee-Waukesha, WI | 3554 | 3551 | 1.0008 |
10 (17▲) | Tazewell County | Peoria, IL | 574 | 574 | 1.0000 |
In summary, the Q4 2024 county-level residential property analysis highlights shifting market trends, with increased listings but relatively stable sales leading to an overall decline in sold-to-listing ratios. Maricopa, Los Angeles, and Cook Counties maintained their positions as the top transaction markets, while regions such as Fairfield and Prince William Counties showed significant growth in demand with high sold to listing ratio. Meanwhile, Hartford and Milwaukee Counties continue to be major housing markets despite slight ranking changes.
Finally, it's important to note that this analysis relies solely on Trulia's listings and sold property data, which may result in differences from analyses based on a more comprehensive dataset.
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