2024 Housing Market Unlocked

The 2024 Housing Market has unlocked! So, what does that mean for you as a seller or buyer? We all know the 2023 real estate market was basically locked up, with no inventory and high mortgage rates for much of the year, keeping sellers and buyers sidelined. But, that is not the case for 2024.

Stats are out and the real estate market for 2024 is unlocked!! The National Association of Realtors is reporting existing home sales surged almost 10% year over year in Q1. According to chief economist Lawrence Yun for the National Association of Realtors, and I quote, “Additional housing supply is helping to satisfy market demand.” end quote. This is also the season of the new normal. The housing market is controlled by supply, demand and interest rates.

Historically, prices go down when there is more inventory. However in today’s market, inventory is increasing, yet so are prices. This is something we have not seen in quite some time. But why is this so? In this new market, we are seeing pricing up about 6% nationally, because there are just not enough homes to satisfy the buyer demand. Buyers that have been on the sidelines for the last year are now out shopping keeping prices higher due to the pent up demand.

However, experts are predicting we will not see the surging home prices that we saw post pandemic in 2021. We are seeing a more stabilized market. This is great news for both buyers and sellers. Please reach out to my team and I so we can discuss home values and the market on the central coast.