The countdown to the new year is here, which means it’s the time of year when we like to give a sneak peek into the future.
If you’re trying to decide if 2024 is the right time for you to buy or sell a home, we’ve gathered a real estate market forecast from experts in the industry on two main predictions to help guide you in the right direction.
Here’s a closer look:
Home Prices Will Appreciate
Despite the fleeting hope from homebuyers that home prices would drastically drop in 2024, experts forecast prices to rise next year, but not as much as they did this year. More specifically, it is reported that prices will end in 2023 with a 2.8 percent increase overall and a cumulative increase of another 1.5 percent by the end of 2024.
Why? Supply and demand. As was the case in 2023, in 2024, there just won’t be enough home listings for the number of people who wanted or needed to buy a home. It will continue to be a real inventory problem, which will then hike up the prices. This is good news for sellers, and their home’s increased appreciation and value.
While the overall prediction is for home prices to appreciate and sales to increase, it’s crucial to note that real estate markets can exhibit regional variations. Certain areas may experience more pronounced growth in property values, driven by local economic factors, job markets, and population influx.
Home Sales Will Increase
Experts also foresee an increase in home sales in 2024, which is good for a more active housing market – and for buyers and sellers. As more people move (new jobs, growing families, marriage, divorce), more options will open up for hopeful buyers next year and in the years to come. And … if mortgage rates drop in tandem with that, we should see even more activity in the housing market.
In summary, the forecast suggests a continued appreciation in home prices due to a persistent imbalance between supply and demand. Simultaneously, the expectation of increased home sales points to a more dynamic housing market, offering both challenges and opportunities for buyers and sellers.
If you’re searching for an ethical listing agent, call Paige Bird. She is an experienced real estate ally in Myrtle Beach who upholds the highest standards of Real Estate Ethics. Paige has been named the #1 RE/MAX Agent in South Carolina for nine consecutive years. In 2022, Paige closed 75 properties, with a total sales volume of $26,472,347 and an average list-to-sales price ratio of 99.10%.
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