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Do Elections Impact the Housing Market?

June 27, 2024

Do Elections Impact the Housing Market?

It’s an election year, and you might be wondering how elections affect the housing market, if you're thinking about buying or selling a home.

Historically, elections have had only a small impact on the decision to buy or sell a home. Here's what typically happens:

First, home sales usually slow down a bit in November during election years. But don’t worry – data shows that sales activity picks back up in December and continues to rise the following year.

Second, home prices tend to rise the year after an election.

Third, mortgage rates often go down from July to November in election years.

So, what's the big takeaway? Presidential elections generally have a small and temporary impact on the housing market. For most buyers and sellers, the election shouldn’t affect your plans. Remember the best time to buy or sell is when you can and when you’re ready. Attempting to time the market based solely on projections and headlines may jeopardize your goals.

Instead, focus on your personal readiness and circumstances.

Thanks for tuning in and staying informed, and don’t forget to vote. See you next time!

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