All indicators for 2024 show that the housing market will have an adjustment in the first quarter, an uptick starting in the second quarter to finish strong by the end of the year.
So, what does that mean exactly? The overview of the projected trends in the housing market for 2024 effectively communicates the expected adjustments in the market and their potential impact on both buyers and sellers. Here are some key points.
Expert Consensus: Various reputable sources, including Realtor.com, Zillow, National Association of Realtors (NAR), and Redfin, are in agreement about a decline in inventory and price point, along with a reduction in interest rates.
Market Adjustments in Q1: Anticipated adjustments in the housing market during the first quarter, followed by stabilization and an uptick in inventory and pricing in the second quarter.
Interest Rates: There is an expectation of a gradual reduction in interest rates from the high of 7%-8% to a range of 5%-5.75 by the end of the year.
Increased inventory: Anticipation of a rise in inventory of homes entering the market, particularly in the second quarter.
Affordability for Buyers: The combination of lower interest rates and an increase in inventory is predicted to make homeownership more affordable for buyers.
Impact of New Construction: Influence of new construction and real estate developers on inventory, providing addental opportunities for buyers.
First-Time Home Buyers: A notable point is the expected surge in first-time home buyers. (estimated around 45 million) entering the market, largely due to improved affordability.
All in all, the real estate market for 2024 is projected to be a good year for both sellers and buyers. If you need help in guiding your real estate journey, call your Next Door Agent, I’m always here to help.
Wishing you the merriest of Christmas and a joy-filled holiday season! As we celebrate the spirit of giving and togetherness, I wanted to share some news with you.
This year, I’m spreading a little extra cheer by offering a special referral bonus. If you or someone you know is considering a real estate transaction – buying or selling – my gift to you is a token of appreciation for connecting us. If your referral is a first responder, then I will be giving them a gift of 1% of my commission thanking them for their service.
May your holiday season be filled with warmth, laughter, and the joy of creating cherished memories. Looking forward to the possibility of making someone’s new year even brighter with your referral!
For more insights on Huntsville’s real estate trends or to connect with a trusted real estate professional, visit Terri Coleman, Your Next Door Agent, at www.myrealtorterri.com or contact her directly at (936) 581-4434. Specializing in North Houston, including Spring, The Woodlands, Conroe, Lake Conroe, and Willis, Terri is committed to serving and guiding clients through their real estate journeys.
