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 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
Elevate your property marketing with our new Tailored 3D Floor Plans! These customized floor plans offer unmatched detail and accuracy and are ideal for new constructions, multi-family properties, high-end homes, and top-notch marketing campaigns,
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
Want more Airbnb bookings without breaking the bank? Our latest video reveals how to capture stunning listing photos using just your phone and create professional floor plans. With expert tips from Brad, marketing your Airbnb is now easier than ever.
READ MORE
Cold calling might be a forgotten art, but it still bears fruit. These practical tips and scripts will help you approach the art of cold calling in the Digital Age.
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