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
We were lucky enough to sit down with Alicia Omand and Neils Mack of Royal LePage Canada, to explore strategies for elevating property listings. We also delved into the long-standing partnership between BoxBrownie.com and Royal LePage, as well as their cutting-edge one-stop-shop CRM, designed to empower their agents throughout Canada.
READ MORE
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
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
Taking professional photographs for virtual staging requires a different mindset than photographing furnished spaces. But it’s really not that big of a deal. If you’re new to the task of photographing empty rooms for the purpose of virtual staging, this post has some valuable pointers.
READ MORE
Don't miss out on invaluable insights! Explore the compelling reasons why BoxBrownie.com’s upcoming free webinar is a must-attend. Elevate your knowledge, stay ahead, and unlock success with key takeaways from industry leaders. Secure your spot now!
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