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 sat down with the broker and owner of NextHome Next Stepp, Wendy Anderson, to chat all things property marketing, and how she leverages our app and free AI Copywriting service into her team’s workday.
READ MORE
Discover seven powerful ways one simple edit can turn dull property photos into eye-catching listings. From brighter skies to greener lawns, Image Enhancement isn’t just a nice touch — it’s essential.
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
Sales inquiries are the lifeblood of a successful real estate career. Nothing generates them like exceptional marketing. These 8 tips will ensure that your listings stand out from the crowd and that buyers keep your phone a-ringing!
READ MORE
Transform furnished listings into buyer magnets with Virtual Staging. Learn step by step how to create a polished, irresistible property that grabs attention, generates more inquiries, and sells faster.
READ MORE
It’s never been more important to ensure your property marketing stands head and shoulders above the rest. In this blog we’ve uncovered the top marketing assets most real estate agents are missing and tell you how you can capitalize and sell your listings faster and more efficiently.
READ MORE