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
Don't think virtual staging is for luxury listings? Think again! We’ll show you how to transform high-end properties into stunning, buyer-ready homes. Boost engagement, accelerate sales, and make your listings stand out in a competitive market!
READ MORE
Lifestyle photos do more than show a property—they tell a story. Highlight interiors, amenities, and local surroundings to help buyers, renters, or guests envision living or staying there, boosting engagement and bookings.
READ MORE
If you want to start or keep the momentum going in your real estate career, these 10 proven lead generation techniques will keep things rolling even if the market slows down.
READ MORE
Are you up to date with marketing best practice when using virtual staging? Virtual staging is a powerful tool in real estate marketing, but there are some marketing must-dos when using it. Ensure you are marketing ethically by sticking to these 5 key rules when using virtual staging.
READ MORE
Pictures are worth a thousand words – and a whole lot of trust. Read to discover the ways real estate professionals can leverage photography to establish and strengthen client trust.
READ MORE
Yes, cold calling still works. But if you don’t want to do it, you no longer have to. Here are some great ways to hang up the phone on cold calling forever.
READ MORE