25 Dec 2024 Real Estate Outlook: What’s Next?
As we say goodbye to 2023 and welcome 2024, it’s the perfect time to look ahead at what the new year holds for the real estate market. This year has been a rollercoaster, with significant trends impacting buyers, sellers, and investors alike. Here’s what you can expect in 2024 based on the latest market analysis.
Return of Home Sellers
Many sellers, who have been hesitant in 2023, are expected to re-enter the market in 2024. This includes those needing to relocate for jobs or seeking more affordable living options. Additionally, baby boomers looking to downsize could add significant numbers to the housing inventory.
Stabilizing Mortgage Interest Rates
After reaching a 23-year high in October 2023, mortgage rates are predicted to stabilize in the latter half of 2024. While rates are expected to remain above 6%, the anticipated stability should encourage more buyers to enter the market.
Increase in Home Buyers
With the stabilization of mortgage rates and easing inflation, we expect to see an increase in home buyers in Glendale and across Arizona. Those who were previously deterred by high interest rates might find 2024 more favorable for home purchases.
Continuing Rise in Home Prices
Home prices in Glendale and surrounding areas have been steadily increasing, and this trend is expected to continue in 2024. The low supply and high demand dynamics in the Arizona housing market are major contributors to this ongoing rise.
Growth in New Home Construction
New home construction sales are anticipated to grow by 3.5% in Arizona, outpacing the national average. This growth is driven by the state’s expanding population and the current shortage in housing inventory.
As we navigate these changes, remember that every real estate journey is unique. Whether you’re looking to buy, sell, or invest, staying informed and prepared is key. Let’s embrace 2024 with optimism and the right strategies to make the most of the Glendale real estate market.
Cheers to a prosperous New Year!
Elise Fay, Realtor