2024 Real Estate predictions for the Carolina's
Housing Predicitons for 2024! - Click the link for Allen Tate Realtors Pat Riley as he lays out what to expect in 2024.
Welcome to 2024! That means it is time for resolutions to hopefully achieve and predictions for just about everything that will happen in 2024.
How about Residential Real Estate in the Carolina's? Every year our fearless leader Pat Riley steps out on the ledge and makes guesses for the new year. Last year he did pretty well. We will keep a scorecard on 2024. You can click the link at the top to watch, but here are the takeaways:
1. Housing appreciation will run at 5% to 7%. The Carolina's are still seeing an in migration of people. Companies are relocating, flexible work allows people to live where they want to live in Charlotte and Charlotte remains attractive to everyone.
2. Ironically 1st Time Homebuyers was up 32% vs 2022. There was a touch more inventory than in 2022, but more importantly, they did not want to miss the train on future appreciation or the more attractive interest rates. Would you believe that the average down payment for 1st Time Homebuyers was 8% which is the highest since 1997. Where did the money come from? The median income was up $25,000.
3. Interest Rates. We believe that we peaked in 2023 in the uppers 7% range. That's down to the low 7% range now. It's the new norm. 2% rates are a thing of the past. Guess the average interest rate since World War 2..... 7.25%.
4. In 2022 and 2023, buyers AND sellers were sitting on the fence waiting to see what would happen. Now that we are more settled, expect buyers and sellers to get off the fence.
5. It will remain a seller's market. We just have too many buyers looking for too few homes. That doesn't mean bidding wars like 2021 and 2022. It means that sellers will probably continue to get their asking price.
What should you do in 2024? If you think you might sell this year or in the next 5, it is still a great time for a home physical. What is your home worth? What might you need to do to make it most presentable in the future but enjoy that investment until then. If you are a buyer, it is a great time for a consultation about the market and what is your buying power. For both buyers and seller, be prepared!
Allen Tate Realtors is the #1 real estate firm in the Carolina's. Allen Tate provides a full suite of products from home search, home selling, home mortgage, home insurance and title services.
David Huss of Allen Tate Realtors and Houses of South Charlotte is a top realtor in Charlotte, NC. Hundreds have trusted David for his knowledge about the Charlotte Housing Market and hopefully you will add your name to the list of satisfied clients.