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Item of Value Letter December 2023

The Real Estate Market for 2024

If you’re thinking about buying or selling a home in 2024, you may be wondering what’s to come in the real estate market ahead. After a few robust years, 2023 brought the housing market to more normal (pre-Covid) levels, which we expect to continue in 2024.

Here are a few more of the trends that my team at Long & Foster Real Estate and I expect to occur next year.

Home inventory will continue to be limited. Fewer homes are on the market today than were a few years ago and this trend is expected to continue in 2024. Long & Foster’s October 2023 Market Conditions Report shows that we have about half the normal inventory than we did in pre-Covid years—a big challenge for those looking to buy a home these days.

Mortgage rates will fluctuate. Although rates climbed past the 8% mark on 30-year fixed rates this fall, they’ve seen a steady decline in the month of November. At some point, the Federal Reserve will pause on raising rates, which is expected to happen in the second half of 2024.

Home values will hold steady. We’re observing continued rising prices in most major metro areas where we operate—from Charleston, South Carolina, to the Jersey Shore. Many people are waiting for prices to go down, but because of the inventory shortage and continued demand, prices are holding steady.

What these trends mean for you

If you’re planning on buying or selling a home in 2024, it’s important to put these trends into perspective and realize that the unique characteristics of your local market may not match these overriding predictions.

Working with a Long & Foster real estate professional like me with local market knowledge and industry expertise will help you reach your real estate goals in 2024.

No matter which way the real estate market turns, I’m proud to be affiliated with a financially strong and stable company that takes an integrated approach to real estate, so I can offer you all the services needed to buy, sell, rent, own and invest in real estate—from mortgage and title to insurance and moving.

Contact me today to get started on your journey home.

Wishing you a happy holiday season!

P. Dennis Connelly, GRI, CRS

410-456-8600 Mobile