2024 Real Estate: A Deep Dive into Market Trends

In the ever-changing landscape of real estate, understanding market trends and predictions is crucial. Today, we delve into the insightful projections for 2024 by Dr. Lawrence Yoon, the chief economist of the National Association of Realtors. With an anticipated increase in new sales by about 19% and a rise in existing home sales by 13%, the year ahead promises significant opportunities. 

David Lenoir from Coldwell Banker Realty and Rick Waldron from Guaranteed Rate Affinity, explore the key drivers behind these predictions. 

Look at some of these demographics: 

  • 7 million newborn babies
  • 3 million marriages
  • 1. 5 million divorces 
  • 7 million people turned 65
  • 4 million deaths 
  • 4 million new jobs
  • 50 million job switches 

Those are all major life events, so to speak, where people decide whether or not they should buy or sell their home.

In turning to the economic front, mortgage rates have been coming down. They started their downward trend towards the end of last year. They're predicted to stay low, or at least where they are. And steady interest rates are good. Inflation has been easing and inflation is the driving force behind long term interest rates.

Bottom Line

In conclusion, the real estate market in 2024 is poised for growth, driven by demographic shifts and favorable economic conditions. Major life events such as births, marriages, retirements, and job changes are likely to influence decisions to buy or sell homes. Furthermore, the downward trend in mortgage rates, easing inflation, and expected cuts in short-term interest rates by the Federal Reserve all contribute to a promising environment for potential buyers and sellers. As we navigate through these exciting times, staying informed and understanding these trends will be key to making successful real estate decisions.

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