South Carolina has endured the impact of high mortgage rates and escalating home prices in 2023. Now, South Carolinians are looking forward to what the future holds for the state’s housing market. Here are five predictions for the 2024 real estate market:
#1 A new wave of home sellers is expected to enter the market.
More sellers are expected to enter the market in 2024 due to factors such as job changes or a desire to relocate to more affordable areas. Analysts predict that up to 30 million housing units could be added to the market as baby boomers look to downsize.
#2 Mortgage rates are expected to stabilize by the second half of 2024.
Mortgage interest rates reached a high of 7.79% in October 2023, but declined to 7.35% in November. It is anticipated that rates will remain above 6%, but will stabilize in the second half of 2024, following trends in the labor market, economy, and inflation rate.
#3 An increased number of home buyers is expected in 2024.
With the easing of inflation and stabilizing rates, there is expected to be a resurgence in home buyer activity as affordability improves.
#4 Expect continued growth in home prices.
Home prices in top South Carolina metros increased steadily year over year, reaching an average of $373,000 in January 2024. Experts predict that prices will continue to rise until the supply-demand imbalance shifts.
#5 New home sales are set to rise.
The percentage of new construction sales increased to 12.3% in September, the highest percentage since 2022. Homebuilders offered significant concessions in 2023 to attract buyers, and this trend is expected to continue in 2024 as builders and sellers compete for buyers.
The housing market in South Carolina is expected to be dynamic in 2024. With more sellers, stable mortgage rates, and a growing number of buyers, it presents opportunities for profit. Home prices are predicted to rise, along with new home sales. To capitalize on these opportunities, strategic planning and timely action is critical.
2024 has already proven successful for Paige Bird, as she sold seven homes in February alone 2024 also marks Paige’s 20th year working in the real estate industry. During her tenure, she assisted more than 2,200 families in their home-buying and selling journeys. Paige is renowned for her extensive experience and commitment to high ethical standards, which uniquely positions her as the go-to agent for those looking to achieve their 2024 real estate goals. For a free consultation with Paige, contact her today at 843.450.4773.
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