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
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
Boy have times changed! It was not many years ago when floor plans were not only hard to come by, but they were expensive, difficult to produce and fraught with copyright regulations that left them out of most marketing packages. BoxBrownie.com has solved all of these problems. Here we will show you how easy, inexpensive and quick it can be to acquire a 2D or 3D floor plan for any listing. It’s a win-win situation for buyers, sellers, and agents alike!
READ MORE
Staging is key to creating a strong first impression when selling a property. We offer ten distinct Virtual Staging styles to suit various tastes and property types. Explore our range of styling options and find the best look to stand out and attract buyers.
READ MORE
Never, in the history of real estate has so much out-of-the box thinking been required when putting together a marketing plan for the year ahead. In these ‘altered’ times, virtual solutions can be nothing short of salvational to the real estate trade. Instantly shareable, eternally keepable, quick and cheap to accomplish and completely immune from social distancing requirements, Virtual Staging and the 360° Virtual Tour are the two most unstoppable forces in real estate marketing today.
READ MORE
If you think quality, professional real estate images aren’t in your budget – think again! For under $20 you can beautifully showcase a property that will boost listing inquiries and your brand. How? Just follow our how-to guide.
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