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
Discover the best disclaimers to use in real estate marketing and when to use them. Find out why disclaimers are often essential for real estate professionals to ensure transparency, meet requirements, and manage expectations for potential viewers.
READ MORE
When it comes to selling unfurnished properties, nothing gets the job done like Virtual Staging. Staged properties sell faster and for more money than those that are not. This post shows you how easy it is!
READ MORE
Don't let a messy bedroom ruin the potential of selling a property in its best light. Co founder Brad Filliponi will demonstrate how you can present a magazine ready image without having to move all the mess.
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
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
Real estate listings with aerial photos sell faster than those without, and 73% of sellers would rather list with agents who use aerial photos. It's really a no-brainer, aerial pics can be a lifesaver!
READ MORE