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
Sure, Instagram’s important. But potential clients are more likely to ask Google about you before they check your IG. This video shows you how to stand out from the crowd on Google, and how we can help you accomplish this important aim.
READ MORE
Marketing ideas that you should be taking advantage of in these moments of adjustment, discussing how your smartphone can make awesome pictures to sell your property faster, new and non-traditional sales methods, and ideas and advice that you can run with when property access becomes tricky.
READ MORE
First impressions count, especially in the world of real estate. Find out how the revolutionary iPhone app SnapSnapSnap can help you capture stunning marketing imagery to showcase an apartment easily and in the best possible light.
READ MORE
Take out your microscope and join us for a look at the stunning new world of 3D architectural rendering. We’ll show you how to examine your render for errors that could undermine their marketing might.
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
Unlock the strategies to successful personal brand building with our expert tips. From crafting a compelling online presence to creating branded marketing templates, discover key tactics that will elevate your profile and set you apart in the real estate industry.
READ MORE