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
Want personalized property marketing training for your team? The property market is evolving fast—stay ahead with our exclusive virtual training sessions tailored specifically for your team.
READ MORE
Sure, Instagram’s important. But potential clients are more likely to ask Google about you before they check your IG. This video shows you how to stand out from the crowd on Google, and how we can help you accomplish this important aim.
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
The success real estate agents experience in life after Covid will depend upon how they utilize information and embrace technology. The new reality has arrived, but it doesn’t mean that age-old wisdom no longer applies.
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
New partnership alert! We sat down with 72SOLD’s Lead Sales Coordinator Taylor Lucido to delve into the home selling program’s streamlined marketing strategy and our exciting new partnership.
READ MORE