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The National Association of Realtors (NAR) just whipped out their crystal ball and made some predictions for 2024. Brace yourselves!

  1. Existing-Home Sales: NAR’s magic 8-ball says we’re looking at 4.71 million existing-home sales next year. That’s a whopping 13.5% jump from what we saw in 2023.
  2. Price Tag Tango: Hold onto your hats—median home prices are doing the cha-cha. They’re expected to stay steady at the national level in 2024. So, if you’re eyeing that cozy bungalow, it might be within reach!
  3. Austin, Texas Takes the Crown: Drumroll, please! Austin, Texas, is the top real estate market to watch in 2024 and beyond. It’s like the Beyoncé of housing demand.
  4. Southern Charm: Metro markets in the southern states will sizzle. Why? Faster job growth, my friend! Meanwhile, the Midwest crew will dance happily because they’re in the most affordable region.
  5. Rent Prices Chillin’: Good news for renters! Rent prices are expected to cool down even more in 2024. Imagine a gentle breeze whispering, “Your rent won’t break the bank.” Ah, sweet relief!
  6. Foreclosure Drama: Fear not—foreclosure rates are keeping it low-key. Less than 1% of all mortgages will be caught up in that drama.
  7. U.S. GDP Groove: The economy’s gonna do a little shimmy, with a 1.5% growth(no recession vibes here!). Get new jobs? Slow down a bit to 1.7 million in 2024.

So, keep your eyes peeled whether you dream of a Texas ranch or a Philly brownstone.

Photo by Brett Jordan on Unsplash