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
If you’re a real estate agent, property manager, or builder using an iPhone, you’re already halfway to great listing photos. SnapSnapSnap takes you all the way — with automatic HDR, built-in framing guides, and professional editing at your fingertips. See why our app outperforms your iPhone every time for property photography.
READ MORE
Virtual Tours have revolutionized real estate marketing, but are you using them ethically? Learn how to maintain transparency, accuracy, and respect for potential buyers to build trust virtually. Discover the key considerations and best practices for leveraging Virtual Tours in your listings.
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
Did you know a few added leaves could be the secret to selling faster? Our Virtual Renovation edit adds life, warmth, and value to any property—no matter the season. Discover how a little greenery can make a big impact and help your properties stand out!
READ MORE
Unlock more listings by helping homeowners subdivide and sell their backyards. Learn how agents can use BoxBrownie.com’s renders, aerial edits, and site plans to turn empty land into must-see listings and boost your business.
READ MORE
Discover seven powerful ways one simple edit can turn dull property photos into eye-catching listings. From brighter skies to greener lawns, Image Enhancement isn’t just a nice touch — it’s essential.
READ MORE