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
Your feedback helps us deliver better results, faster fixes, and a smoother editing experience every time. Rate your BoxBrownie.com jobs, share what worked, and remember—if something isn’t right, free reworks are always just one click away.
READ MORE
Discover how Tom Lyons and his team are transforming property marketing in Belleville, Ontario, with SnapSnapSnap. By capturing stunning HDR images directly from a phone, they’re saving time, reducing costs, and delivering exceptional service. Read now!
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
Marketing ideas that you should be taking advantage of in these moments of adjustment, discussing how your smartphone can make awesome pictures to sell your property faster, new and non-traditional sales methods, and ideas and advice that you can run with when property access becomes tricky.
READ MORE
Unlock more listings by helping homeowners subdivide and sell their backyards. Learn how agents can use BoxBrownie.com’s renders, aerial edits, and site plans to turn empty land into must-see listings and boost your business.
READ MORE
Harness the power of technology and add a dynamic layer to your marketing with these 5 tips that will not only save you time, build your brand, and generate new leads but will also sell your listings faster.
READ MORE