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
Learn how photo enhancement improves accuracy in property marketing by correcting camera limitations. Create true-to-life images that build trust, attract buyers, and elevate your listings.
READ MORE
Ines Hegedus-Garcia is an early adopter, mentor, and teacher of virtual property marketing. She's also a star of the Miami real estate scene. Here, she talks about ways that she draws from our property marketing toolkit to make her listings shine.
READ MORE
Virtual Tours have revolutionized real estate marketing, but are you using them ethically? Learn how to maintain transparency, accuracy, and respect for potential buyers to build trust virtually. Discover the key considerations and best practices for leveraging Virtual Tours in your listings.
READ MORE
Explore seven essential tips to capture an impressive real estate hero shot. From perfect timing and lighting to staging and post-editing, implement these strategies to make a lasting impression on house hunters and close more deals.
READ MORE
From ancient wisdom to the latest research, these five hacks will alter your mindset, dispel your fears and even show you how to make rejection work in your favor.
READ MORE
Join our free Make the Switch webinar, and discover how to take high-quality property photos with ease. Learn pro tips, master SnapSnapSnap, and enhance your photography skills to transform your listings and boost results!
READ MORE