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
Lifestyle photos do more than show a property—they tell a story. Highlight interiors, amenities, and local surroundings to help buyers, renters, or guests envision living or staying there, boosting engagement and bookings.
READ MORE
What’s in store for 2023? Find out what’s forecast for the year ahead and what real estate experts are predicting, plus the 10 markets that are set to boom in 2023.
READ MORE
Don’t let a little precipitation stop your shoot! Rainy days don’t have to mean gloomy photos. Whether you’re racing the clock or stuck under stormy skies, we’ve got the pro tips and editing tricks to make your property pics shine—no matter the forecast.
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
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
You’ve heard of ‘one step at a time’. Well, if you want to succeed in real estate, you better start thinking along the lines of 10 steps at a time. Because that’s what you’ll have to do to succeed long-term in this cutthroat industry.
READ MORE