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
Looking to boost your property marketing? Discover the easiest way to create a Virtual Tour for real estate listings with this step-by-step video guide. From selecting the best 360° camera to editing your photos and creating an interactive experience, Brad covers everything you need to know.
READ MORE
From ancient wisdom to the latest research, these five hacks will alter your mindset, dispel your fears and even show you how to make rejection work in your favor.
READ MORE
Transform your property sketches into stunning, professional floor plans with ease. Our step-by-step video guide takes you through the entire process, from setting up your equipment to creating detailed plans ready for marketing.
READ MORE
3D Floor Plans are easier to create than you think and more powerful than most people know. If you are one of the 85% of agents who don't include Floor Plans with their listings, this post will show you what a huge share of the market you might be missing.
READ MORE
To sell homes that do not yet exist, you’ve gotta let the buyer see it. This is one of the biggest challenges when marketing future projects. And nothing meets this challenge like our own 3D renders.
READ MORE
BoxBrownie.com has been named in T3 Sixty’s 2025 Tech 200, which recognizes the top real estate technology companies for innovation and impact. This accolade highlights our commitment to delivering cutting-edge, affordable visual marketing solutions.
READ MORE