Are you a prospective homebuyer or seller eager to stay ahead in the dynamic real estate market? If so, you’re in for some breaking news! Krista Mashore, affiliated with eXp Realty and The Mashore Group, brings you the latest insights into the evolving real estate landscape for 2024. Partnering with Makeda Phillander, the duo provides a comprehensive breakdown of the National Association of Realtors’ (NAR) end-of-2023 report, offering a glimpse into the exciting developments shaping the housing market this year.

National Trends Unveiled: A 2024 Outlook

Krista Mashore begins by sharing key findings from NAR’s chief economist, Lawrence Yun. According to the report, an estimated 4.71 million existing homes are projected to be sold nationwide in 2024, marking a substantial 13.5% increase from the previous year. This surge is indicative of a robust real estate market, showcasing the resilience and growth potential of the industry.

Median Home Prices and Market Dynamics

One of the most crucial aspects for both buyers and sellers is the median home price, which is anticipated to reach $389,500 in 2024. This represents a 0.9% uptick from the preceding year, underlining the steady appreciation of property values. For buyers eagerly waiting for a favorable market shift, this news is a welcome development.

Foreclosures, Inventory, and Mortgage Rates: What to Expect

The report suggests that foreclosures will remain low in 2024, instilling confidence in both homeowners and potential buyers. Meanwhile, housing inventory is projected to increase by approximately 30%, a positive sign for those seeking more options in the market. Additionally, mortgage rates are expected to decrease from the high rates seen in 2023, settling around five to six percent for a 30-year fixed mortgage. This is particularly advantageous for buyers on the lookout for increased inventory and lower mortgage rates.

Regional Dynamics: A Closer Look

The forecast also sheds light on regional variations. Lawrence Yun predicts a nationwide recovery in housing demand, with southern states likely to outperform others due to accelerated job growth. The Midwest is expected to see an uptick, fueled by more affordable housing options. Meanwhile, the West Coast continues its recovery, offering a combination of increased inventory and lower mortgage rates.

Navigating Local Markets: The Importance of Expertise

While these predictions offer a comprehensive overview, Krista Mashore and Makeda Phillander emphasize the importance of working with local experienced agents. Real estate markets are nuanced and can vary significantly from one locality to another. Having a professional who understands both national trends and local intricacies is invaluable for making informed decisions.

Your Local Real Estate Experts

If you’re curious about how these trends translate to your specific market area, don’t hesitate to reach out to Krista Mashore and Makeda Phillander. Their commitment to providing an exceptional real estate experience extends to delivering personalized insights into your local housing data. Give them a call, and embark on your real estate journey with confidence!

In conclusion, 2024 brings promising changes to the real estate market, with increased sales, steady appreciation in home prices, and favorable conditions for both buyers and sellers. Stay informed, stay ahead, and again, I’m Makeda Phillander and I can’t wait to give you an exceptional real estate experience. Want to schedule a call with me? follow this link to reserve a spot on my cal