According to the CBS, 7,190 apartments were sold in November 2024, 3,040 of them new. The Central District leads in sales, followed by the South. Jerusalem leads the sales of secondhand apartments. About one-fifth of all new apartments sold are government-subsidized.
By Doron Breutman, Nadlan Center
In November 2024, 7,190 apartments were sold, according to the Central Bureau of Statistics (CBS) report published today (Tuesday). This marks a 31.6% increase compared to October, which included the Tishrei holidays, and a 58% rise compared to the same period last year, following the start of the Iron Swords War. Of the total apartments sold in November, 3,040 were new apartments, a 28.1% increase compared to October and a 95% rise compared to last year. Additionally, 4,150 of the apartments sold were secondhand, a 34.3% increase compared to October 2024 and a 38.9% rise compared to the previous year.
In the three months from September to November 2024, approximately 21,560 apartments were sold, an 18.8% decrease compared to the previous three months (June-August 2024). However, compared to the same period last year (September-November 2023), a 65.2% increase was observed. Of all apartments sold, 42.6% were new, around 9,190 units, marking a 20.6% decrease compared to the previous three months. About one-fifth (21.5%) of all new apartments sold were government-subsidized. Secondhand apartments accounted for 57.4% of sales, totaling around 12,370 units, with a 17.4% decrease compared to the previous three months.
The data also shows that the Central District leads with 23.2% of all apartments sold from September to November 2024. This district accounted for 23.7% of new apartment sales and 22.9% of secondhand sales. The Southern District follows with 22.9% of total sales, including 25.6% of new apartments and 20.9% of secondhand apartments. Compared to the previous three months, sales of new apartments decreased by 20.6%, with the Northern District seeing a 38.2% drop and the Tel Aviv District a 30.1% drop. Secondhand sales fell 17.4% across all districts, with the Northern District’s most significant decline of 26.2%.
Regarding sales by city, Tel Aviv leads in new apartment sales with 684 units sold between September and November, a 25.2% drop compared to the previous three months. It is followed by Ofakim with 625 apartments sold (a 4.7% increase), Jerusalem with 625 (a 30.6% decrease), Netivot with 341 (a 3.1% decrease), and Lod with 317 (a 42.5% decrease).
Notable increases compared to the previous quarter were seen in Elad with a 681% rise, Beer Yaakov with a 79.4% rise, and Hadera with a 55.1% rise. Significant decreases in new apartment sales were recorded in Ashdod (35.8%), Rishon Lezion (30.8%), and Bat Yam (32.6%).
Jerusalem leads in secondhand sales; more than 70,000 new apartments remain unsold.
Jerusalem leads secondhand apartment sales with 844 transactions (a 21.6% drop compared to the previous three months). It is followed by Haifa with 839 (a 13.4% drop), Beer Sheva with 714 (a 19.6% drop), Tel Aviv with 522 (a 5.1% drop), and Ashkelon with 456 (a 2% increase). Except for Ashkelon, all other cities in this list saw declines compared to the previous quarter, with the most significant drops in Bnei Brak (36.1%) and Lod (34.2%).
At the end of November 2024, the inventory of unsold new apartments surpassed 70,000 for the first time, standing at about 71,040 units. The months of supply, which measures how long it would take to sell all unsold apartments, was 21.4 months. Compared to November 2023, the inventory increased by 11%, and compared to October 2024, there was a 1.7% rise. Additionally, 32.2% of unsold apartments are located in the Tel Aviv District (22,800 units), 24.4% in the Central District (17,285 units), and 14.3% in the Southern District (10,180 units).
Among large cities with populations exceeding 100,000, Tel Aviv-Yafo leads with 8,470 unsold apartments, Jerusalem with 6,220, Bat Yam with 4,501, Netanya with 3,507, and Ramat Gan with 3,384.