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
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
Confused by HDR? Discover what it is, why it can dramatically improve your property photos, and how we make creating stunning, balanced images effortless.
READ MORE
We often mention that presentation is the key to selling property. In this case, it’s not how you present the property that is most crucial - it’s how you present yourself, your knowledge, and your ability to sell the property that counts the most.
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
Find out why you should be enhancing your real estate photos - it's not only the ethical way to market real estate, but it corrects inaccuracies and provides a truer representation of the property.
READ MORE
Discover how Tom Lyons and his team are transforming property marketing in Belleville, Ontario, with SnapSnapSnap. By capturing stunning HDR images directly from a phone, they’re saving time, reducing costs, and delivering exceptional service. Read now!
READ MORE