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
Social media is great for selling real estate. But each platform takes a different kind of mastery. Here's how to use Facebook, Instagram, Twitter (and others) to maximum advantage.
READ MORE
This blog is a must-read for property managers who want to stand out in a crowded market and revolutionize the way their properties are showcased and leased. Here’s why you should embrace the savvy side of rental marketing with virtual tours.
READ MORE
If you think quality, professional real estate images aren’t in your budget – think again! For under $20 you can beautifully showcase a property that will boost listing inquiries and your brand. How? Just follow our how-to guide.
READ MORE
The verdict’s been in on virtual staging for a few years now - it works. Now, with the National Association of Realtors reporting that 97% of home buyers use the internet to find property, its power is only increasing.
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
You’ve heard of ‘one step at a time’. Well, if you want to succeed in real estate, you better start thinking along the lines of 10 steps at a time. Because that’s what you’ll have to do to succeed long-term in this cutthroat industry.
READ MORE