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New Insights for 2024 Housing Market by National Association for Realtors (NAR)

In a recent announcement on December 13, 2023, NAR Chief Economist Lawrence Yun shared some promising insights for the real estate market in 2024. According to Yun's forecast, the housing market is poised for growth, with the sale of approximately 4.71 million existing homes expected. Here are some key highlights from his predictions:

Image with arrow up indicating 2024 growth in Real Estate and Housing Market. Westfield Team Logo, Westfield Team of Better Homes and Gardens Real Estate Shore and Country Properties.

What is the 2024 Housing Market going to do?

Its going up ... again! More Houses. More Buyers. More Sales.

1. Market Growth: Yun anticipates a 13.5% increase in home sales compared to 2023. This is excellent news for real estate professionals like us who are looking to thrive in the market.

2. Median Home Price: The median home price is projected to reach $389,500, reflecting a 0.9% increase from the previous year. This suggests that property values are on the rise, which can be advantageous for property sales and investments.

3. Regional Variation: Yun points out that metropolitan markets in southern states are likely to outperform others due to faster job growth. If you're operating in the Southern region, this could be an excellent opportunity to focus your efforts.

4. Rent Prices: Rental prices are expected to stabilize in 2024, which can help control the consumer price index. This stability could be beneficial for property management services.

5. Foreclosure Rates: Foreclosure rates are anticipated to remain historically low, comprising less than 1% of all mortgages. This is a positive sign for the overall stability of the real estate market.

6. Economic Outlook: Yun predicts that the U.S. GDP will grow by 1.5%, avoiding a recession. However, net new job additions are expected to slow down compared to previous years.

7. Mortgage Rates: Mortgage rates are forecasted to average around 6.3%, with the possibility of the Fed cutting rates in response to economic conditions. This information can be valuable for clients considering mortgage options.

8. Housing Starts: Yun envisions approximately 1.48 million housing starts in 2024, including both single-family and multifamily units. This indicates opportunities in new construction and development projects.

In summary, Lawrence Yun's predictions for 2024 present a positive outlook for the real estate market, with growth potential in various aspects. As real estate professionals, staying informed about these trends can help us make informed decisions and provide valuable services to our clients. #RealEstate2024 #MarketOutlook #HousingTrends

If you'd like to know more, we'd love to chat!

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