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
Elevate your real estate photography with Brad's expert tips! Learn how to prepare properties, capture stunning angles, and master the “hero shot.” Discover how SnapSnapSnap turns daylight photos into eye-catching dusk images. Watch now!
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
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
As a real estate marketing tool, your smartphone is more powerful than you think. As the housing market cools, these 5 hot tips explain how to get the most out of your mobile device, while saving time, money and turning heads.
READ MORE
Post-pandemic life is uncharted waters for the commercial real estate industry. Covid-19 has altered the way life is lived and the changes are already creating problems in the commercial sector. New, creative methods are necessary to stand out from the ever-growing crowd of available listings. BoxBrownie.com has just made a very potent method available at a dramatically lower staging cost.
READ MORE
Want to maximize your off-plan property sales? Leverage the dynamic power of high-quality Renders and the use of multiple facades. Discover how this strategy provides standout visualizations, attracts more buyers, and drives sales.
READ MORE