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 know the dos and don'ts of using sky replacement in real estate photography? Learn how to ethically market property photos using this editing technique. Discover what's allowed, what's unethical, when to use it, and how it can benefit your property listings.
READ MORE
Are your property photos attracting buyers or driving them away? Our latest video reveals common mistakes that could be turning buyers off. Discover simple, game-changing fixes to make your listings pop, grab attention, and close deals faster.
READ MORE
Who says Australian companies can't also live the American Dream? In this post, our co-founder Brad Filliponi talks about how good it feels to be named to HousingWire.com's Tech100 for US Real Estate.
READ MORE
Don't let a messy bedroom ruin the potential of selling a property in its best light. Co founder Brad Filliponi will demonstrate how you can present a magazine ready image without having to move all the mess.
READ MORE
Post-pandemic life is uncharted waters for the commercial real estate industry. Covid-19 has altered the way life is lived and the changes are already creating problems in the commercial sector. New, creative methods are necessary to stand out from the ever-growing crowd of available listings. BoxBrownie.com has just made a very potent method available at a dramatically lower staging cost.
READ MORE
He shoots … he scores. Jesse Peters tells us how glad he is that he decided to lesson-up on his smartphone and start shooting all his real estate pics himself.
READ MORE