Author: Jenni Tennant, DRE 02065615
Navigating the 2024 Real Estate Market: Insights from the National Association of Realtors
In real estate's ever-changing landscape, staying informed about market trends is crucial for both buyers and sellers. As we continue into 2024, the real estate market is showing signs of change, and understanding the latest statistics can empower you to make informed decisions. Hi, I'm Jenni Tennant, a real estate expert with eXp Realty, and I'm here to break down the insights from the National Association of Realtors' end-of-2023 report.
Market Overview:
According to Lawrence Yun, the chief economist at the National Association of Realtors (NAR), the forecast for 2024 indicates significant shifts in various aspects of the housing market. Let's dive into the key takeaways:
1. Increased Home Sales:
NAR predicts that approximately 4.71 million existing homes will be sold nationwide in 2024, reflecting a notable increase of 13.5% compared to the previous year.
2. Median Home Price:
The median home price is expected to reach $389,500 in 2024, representing a modest yet significant increase of 0.9% over the previous year.
3. Low Foreclosures and Rising Inventory:
Foreclosure rates are anticipated to remain low, while housing inventory is projected to rise by approximately 30%. This increase in inventory suggests more options for buyers and a potentially more balanced market.
4. Mortgage Rates:
One of the most anticipated changes is in mortgage rates, with rates expected to decrease from the highs of 2023. The forecast indicates that rates will likely hover around five to six percent for a 30-year fixed mortgage.
Regional Trends:
While these projections provide a broad overview of the national market, it's important to recognize regional variations. Yun suggests that demand for housing will recover across the nation, with certain regions outperforming others:
- Southern States: Expected to lead in housing demand, driven by faster job increases.
- Midwest: Anticipated to see increases due to the affordability of housing.
- West Coast: Continues its recovery with more inventory and lower mortgage rates.
While these projections offer valuable insights into the general trajectory of the real estate market, it's essential to remember that real estate is inherently local. Working with a knowledgeable and experienced local agent is key to understanding how these national trends translate into your specific market conditions. Whether you're buying or selling, having a trusted advisor by your side can make all the difference in navigating the complexities of the real estate market.
If you're curious about how these national trends are impacting your local market, or if you're considering a real estate transaction, don't hesitate to reach out to our team! We're here to help you navigate your real estate journey with confidence!