The real estate market is constantly evolving. Whether you're thinking about selling, buying, or investing, understanding current trends can help you make smarter decisions. Here are the top trends shaping the real estate market in 2024.
1. Home Prices: Slowing Growth
After several years of rapid increases, home price growth is expected to slow in 2024. Some markets may even see slight declines, while affordable areas could remain competitive.
2. Mortgage Rates: Stabilizing but Still High
Mortgage rates rose sharply in recent years but are expected to stabilize, hovering around 6-7%. Higher rates mean monthly payments are more expensive, impacting buyer demand.
3. Inventory: Slowly Increasing
More homeowners are listing their properties, leading to a modest increase in available homes for sale. However, inventory is still lower than historical averages.
4. Buyers Have More Negotiating Power
With slower sales and more inventory, buyers may see more price reductions and seller concessions-especially in higher-priced markets.
5. Local Markets Vary Greatly
Trends differ significantly from city to city. Hot markets in the Sun Belt may cool, while Midwest and Southeast cities remain steady. Contact us for insights on your area.
What It Means for Sellers
- Price your home competitively
- Be prepared for longer days on market
- Consider selling as-is to a cash buyer for speed and certainty
What It Means for Buyers
- Shop around for the best mortgage rates
- Take your time to compare properties
- Negotiate on price and ask for seller concessions
Looking Ahead
The market will keep changing throughout 2024. Stay informed by following trusted news sources and working with experienced professionals.Read more market insights here