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
Looking to boost your property marketing? Discover the easiest way to create a Virtual Tour for real estate listings with this step-by-step video guide. From selecting the best 360° camera to editing your photos and creating an interactive experience, Brad covers everything you need to know.
READ MORE
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
No force in real estate is quite as powerful as the 'Wow'. Here's how to use virtual property marketing technology to elicit these wows, and what to do once the deal is sealed.
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
Want to know the winning formula for selling off-plan? If you’re selling an unbuilt home and looking for a cost-effective option, we have the ultimate solution. We have two eye-catching edits that you can use to capture buyers’ hearts and imaginations. Find out how you can make maximum impact at minimal cost.
READ MORE
Want to sell homes before they’re even built? Join our free webinar to discover how powerful renders and visuals can boost buyer confidence and fast-track your sales with proven presale strategies.
READ MORE