Market Trends: What to Expect in 2024

As we move through 2024, the real estate market continues to evolve in response to economic factors, demographic shifts, and changing buyer preferences. Here's what industry experts are predicting for the year ahead.

Interest Rate Stabilization

After the volatility of recent years, mortgage rates are expected to stabilize in the 6-7% range. While higher than the historic lows of 2020-2021, this stability should help both buyers and sellers plan more effectively.

Inventory Improvements

Housing inventory is gradually improving in many markets, giving buyers more options. However, supply remains below historical norms in most areas, keeping competition moderate to high.

Regional Market Variations

Different regions are experiencing varying market conditions. While some coastal markets are seeing price corrections, many inland and southern markets remain strong with continued appreciation.

First-Time Buyer Challenges

High prices and elevated mortgage rates continue to challenge first-time buyers. Many are turning to alternative financing options, co-buying arrangements, or considering different geographic areas.

Technology Integration

Virtual tours, AI-powered property matching, and digital transaction management are becoming standard. These technologies are improving efficiency and accessibility in the buying and selling process.

Overall, 2024 is shaping up to be a year of adjustment and normalization after several years of extreme market conditions. Both buyers and sellers should stay informed and work with experienced professionals to navigate these changing conditions.