KEY REAL ESTATE TRENDS TO WATCH IN 2024
What’s in Store for 2024?
The National Association of Realtors (NAR) released its forecast for 2024 in December last year, predicting a growing housing market with home sales increasing and mortgage rates lowering within the United States.
Keep reading to learn what to expect for the year ahead.
Prices Remain Stable, Sales Rise
NAR’s Chief Economist Lawrence Yun expects that home prices will remain largely unchanged in 2024, with a predicted nationwide increase of 0.9% compared to 2023. Home sales, however, should begin to rise with an anticipated growth of 13.5%. Metro markets in the South and Midwest are likely to outperform others, due to faster job increases in the southern states and more affordable housing in the Midwest.
Decreasing Interest Rates
Yun said that mortgage rates likely hit their peak in 2023 and are looking to decrease this year. The average 30-year mortgage interest rate is predicted to drop to 6.3% in time for spring in the U.S.
Housing Demand to Begin Recovering
Yun predicts that the falling mortgage rates and income rises should assist the demand for housing to recover. That and an expected 30% increase in housing inventory, thanks to more listings entering the market after pent-up sellers refuse to wait any longer.
Top 10 Housing Markets to Watch
These 10 real estate markets are expected to recover their demand for housing quickly, due to a variety of reasons, including lower home price appreciation, more affordable listings for first-time buyers, and strong job growth.
- Austin-Round Rock-Georgetown, Texas
- Dallas-Fort Worth-Arlington, Texas
- Dayton-Kettering, Ohio
- Durham-Chapel Hill, North Carolina
- Harrisburg-Carlisle, Pennsylvania
- Houston-The Woodlands-Sugar Land, Texas
- Nashville-Davidson–Murfreesboro–Franklin, Tennessee
- Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
- Portland-South Portland, Maine
- Washington-Arlington-Alexandria, D.C.-Virginia-Maryland-West Virginia
Want to maximize your real estate marketing in 2024? Start the new year off right and sign up to BoxBrownie.com now and receive 4 edits free. No credit card is needed.
RELATED ARTICLES
Want to make any property look bigger and more appealing? Check out this blog for seven super simple photography tips to instantly transform your space. Learn how to capture stunning photos that will attract more buyers or renters!
READ MORE
Real estate is beautifully suited to be marketed via social media. If you have yet to unlock the powers of social media to the benefit of your own real estate career, a good place to start is by following the don’ts and dos suggested in this post.
READ MORE
Discover how award-winning realtor Debra Beagle has achieved unparalleled success as broker, owner and CEO of The Ashton Real Estate Group of RE/MAX Advantage. From Virtual Tours to Virtual Staging, learn how the number one RE/MAX team in the world has mastered their marketing.
READ MORE
Master the simple decision that can transform your listing photos. Learn when to open blinds to maximize natural light and when to adjust them to minimize distractions, helping you create bright, focused images that attract more buyers.
READ MORE
To survive in the real estate industry you'll have to learn how to continually generate fresh leads. Here are 10 easy ways to accomplish this and keep your phone ringing, even if the market cools.
READ MORE
BoxBrownie.com Global Director of Sales Marketing & Revenue Peter Schravemade has produced this report with a snapshot of Visual Listing Marketing in the United States of America.
READ MORE