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
The NAR Home Buyers and Sellers Generational Trends Report is a treasure trove of market research that every agent should read. This post shares five "secrets" of the report that can help sell more homes, for more money, faster.
READ MORE
The buyers are out there! But the changing face of commercial real estate has made them a little harder to find. These marketing techniques will keep your phone ringing and prevent you from being left behind in the post-pandemic commercial property market.
READ MORE
Think phone photos can't compete? Think again. In this photo review, Brad breaks down real images taken by agents using only their phones — and shows how simple tweaks with SnapSnapSnap can turn average into amazing.
READ MORE
Drone photography services can achieve sensational real estate photos, but poorly presented drone footage (far too common in this industry) can bore, uninspire, even repel a potential buyer. Clients who know what they are looking for, want to know what they are looking at. Simple on-screen graphics that orient clients to important details, like, for example, property boundaries, can do wonders for aerial photographs. Here, we will prove this to you via the Before and After method.
READ MORE
Show the possibilities and transform your property without costly renovations using our digital solutions. Our Color Change and Virtual Renovation edits offer quick, effective ways to give your listing a fresh look. Find the right option for your needs!
READ MORE
No force in real estate is quite as powerful as the 'Wow'. Here's how to use virtual property marketing technology to elicit these wows, and what to do once the deal is sealed.
READ MORE