2024 Real Estate Market Update: What You Need to Know

Strategies to succeed in a shifting 2024 real estate market.

As we near the midpoint of 2024, it's the perfect time to reflect on the current real estate landscape compared to last year, focusing on inventory levels, interest rates, and their impact on both sellers and buyers.

Last year was tough for the real estate market. We witnessed some of the lowest home sales in decades, primarily due to skyrocketing interest rates. Sellers hesitated to list their homes, reluctant to give up low interest rates, while buyers were deterred by high prices and the steep costs of mortgages. Despite these challenges, the limited supply of homes led to an unexpected 6% increase in home prices.

This year started with historically low inventory, with only 1,700 homes available in January. However, the past six to eight weeks have seen a significant increase, with a third of our current homes hitting the market during this period. This increase in supply coincides with a steady demand—5% higher than last year. Currently, we have 30% more homes on the market compared to the same time last year, and we expect more listings to come.

“Understanding how to navigate these market conditions can significantly affect your success.”

For sellers, the current market demands a strategic approach to ensure your property stands out. Now more than ever, it's crucial to work with a professional to price your home correctly and market it effectively, positioning it as a valuable and desirable purchase.

Buyers, on the other hand, will find more options available than in recent years. Though interest rates remain high, there was a slight reprieve in early June, with rates dropping back into the sixes after a brief period in the mid to high sevens.

Whether you're selling your home or searching for your dream house, understanding how to navigate these market conditions can significantly affect your success. If you're unsure how to proceed or need strategies for pricing or making buying more affordable, don't hesitate to reach out. I'm here to help you achieve your real estate goals in this complex market.

For more insights and personalized advice, feel free to contact me directly. Let's explore how you can make the most of the 2024 real estate market and ensure your transactions are as beneficial as possible.