Real Estate Market Trends:
What Buyers and Sellers Need to Know in 2024

The real estate market is always evolving, and staying ahead of the latest trends can give you a competitive edge—whether you’re buying, selling, or investing. With home sales rising, inventory shrinking, and the job market strengthening, now is the time to understand what’s happening and how it affects you.

🏡 Existing-Home Sales Are Rising

According to the National Association of Realtors (NAR), existing-home sales increased 2.2% month-over-month in December and 9.3% year-over-year. Despite elevated mortgage rates, demand remains strong, showing that buyers are still eager to purchase homes.

🔹What This Means for You:

•Buyers: More sales mean increased competition. If you’re planning to buy, get pre-qualified early so you can move quickly when you find the right home.

•Sellers: More buyers in the market meansa greater chance of selling your home faster and at a higher price.

📉 Housing Inventory is Shrinking

NAR reports that total housing inventory dropped 13.5% last month, leaving only 3.3 months’ supply at the current sales pace. A balanced market typically has a 6-month supply, so this indicates a seller’s market.

🔹Key Takeaways:

•Fewer homes mean higher competition—expect bidding wars and faster home sales.

•Sellers can leverage low inventory to price their homes competitively and attract serious buyers.

💼 Job Market Strengthens, Boosting Buyer Confidence

The U.S. Department of Labor reported that the national unemployment rate dropped to 4.1% in December, signaling a stronger labor market. With more financial stability, more buyers are entering the market.

🔹What This Means for the Real Estate Market:

•More people with steady incomes = more homebuyers entering the market.

•Higher employment rates can lead to rising home valuesas demand continues to grow.

🚀 How to Navigate This Market

For Buyers:

✅ Get pre-approved for a mortgage to stay ahead of the competition.

✅ Be ready to act fast—homes are selling quicker due to limited inventory.

✅ Work with a trusted real estate agent who understands market trends and can negotiate on your behalf.

For Sellers:

✅ Price your home competitively—low inventory means you can attract multiple offers.

✅ Stage your home well to stand out in a competitive market.

✅ Consider selling now while demand is high to maximize your profit.

📩 Ready to Make Your Move? Let’s Talk!

The real estate market is shifting, and whether you’re buying, selling, or investing, having the right strategy is crucial. Don’t navigate this market alone—let’s create a plan tailored to your goals.

📞Schedule a free consultation today!