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
When leads don't call you back it doesn't necessarily mean you have to amp up the slickness of your sales pitch. Here are some ways to use empathy and education to connect with people and convert leads into clients.
READ MORE
How are 3D Renders used to successfully pre-sell property for builders. Follow this example to see how External, and 360° Internal Renders were used to outsell similar listings in terms of speed, views and a much higher price.
READ MORE
Yes, Virtual Tours saved the housing market during the pandemic, but they're even more important now. Here are eight ways that Virtual Tours can "vaccinate" your real estate career against a market slowdown.
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
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
BoxBrownie.com has been named in T3 Sixty’s 2025 Tech 200, which recognizes the top real estate technology companies for innovation and impact. This accolade highlights our commitment to delivering cutting-edge, affordable visual marketing solutions.
READ MORE