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
Discover how to virtually stage any property using just your phone with the SnapSnapSnap app. Capture, enhance, and transform empty rooms into beautifully styled spaces in minutes — no expensive equipment or experience required.
READ MORE
Join us behind the scenes, as we shoot a spectacular 360 Virtual Tour with a camera that costs a fraction of the price of other models on the market.
READ MORE
New partnership alert! We sat down with 72SOLD’s Lead Sales Coordinator Taylor Lucido to delve into the home selling program’s streamlined marketing strategy and our exciting new partnership.
READ MORE
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
We recently sat down with the Bernardi Group Listing Manager Stephanie Borge to talk about their signature property listings and unique client service and what it takes to get a listing to meet the company’s first-rate standard.
READ MORE
Our co-founder, Brad Filliponi, reveals four must-have strategies to create a property listing that grabs buyers' attention. Master these techniques to elevate your real estate marketing and craft compelling listings that truly showcase properties at their finest.
READ MORE