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 for a fresh way to make your property stand out? Our revamped Aerial Drop Pin edits are here! With sleek new pin designs and customizable options to match your branding, you can create stunning, on-brand visuals that grab attention.
READ MORE
If you're an agent who uses video tours instead of Virtual Tours, your listings might not be attracting the interest they should be. Here we look at why buyers increasingly prefer Virtual Tours over video walkthroughs.
READ MORE
Want to make any property look bigger and more appealing? Check out this blog for seven super simple photography tips to instantly transform your space. Learn how to capture stunning photos that will attract more buyers or renters!
READ MORE
Agents across the globe swear by the power of Virtual Staging, but many don't realize they can shoot these images with their own smartphone. This post walks you through just how easy it is, so you'll never be deprived of this phenomenal marketing tool.
READ MORE
Elevate your listings in our free SnapSnapSnap webinar! Learn to capture stunning property photos using your iPhone, master simple staging tips, and explore our exclusive 4-week bootcamp to boost your photography skills and transform your marketing.
READ MORE
If you’re a real estate agent, property manager, or builder using an iPhone, you’re already halfway to great listing photos. SnapSnapSnap takes you all the way — with automatic HDR, built-in framing guides, and professional editing at your fingertips. See why our app outperforms your iPhone every time for property photography.
READ MORE