Hey there! Let’s discuss what’s happening in real estate in 2024. A few key trends are shaping the market, and if you’re thinking of buying or selling, you’ll want to keep an eye on these.
First up, let’s talk about home inventory. It’s been a challenge for a while now, with insufficient homes on the market to meet buyer demand. But guess what? Since April 2023, we’ve seen a slight increase in inventory. That said, it’s still down 4% year over year as of the end of September. And while inventory is growing, it’s not precisely skyrocketing. We’re still a long way from pre-COVID levels.
So, what does this mean for you? If you’re a buyer, the best homes will likely be snapped up quickly. In September 2023, homes were only on the market for an average of 48 days. That’s two weeks less than what we used to see before 2020. So, if you find a home you love, you’ll need to be ready to decide quickly. You might also need to be flexible with your wish list, consider looking in less popular neighborhoods, and get preapproved for a mortgage before you start house hunting.
Now, if you’re a seller, low inventory means less competition. You could see multiple offers if your home is in a great location or has features buyers are looking for. But keep in mind, higher mortgage interest rates have made it harder for some buyers, so if your home isn’t the belle of the ball, you’ll still get offers, but probably not as many as you would have a couple of years ago.
Another trend to watch is the slowing down of the market. Home values are still rising, but 2023 is expected to be a year of slower growth. While home inventory is still low, the data suggests it will continue to grow throughout 2023.
In a nutshell, whether you’re buying, selling, or just sitting tight, understanding these 2023 real estate trends can help you make intelligent decisions. The market is slowing down and getting back to something more regular. So, stay informed and be ready for these changes as they happen.