If you’re thinking about buying or selling a home in 2024, you may be wondering what’s to come in the real estate market ahead. After a few robust years, 2023 brought the housing market to more normal (pre-Covid) levels, which we expect to continue in 2024.

Here are a few more of the trends that my team at Long & Foster Real Estate and I expect to occur next year.

Home inventory will continue to be limited. Fewer homes are on the market today than were a few years ago and this trend is expected to continue in 2024. Long & Foster’s October 2023 Market Conditions Report shows that we have about half the normal inventory than we did in pre-Covid years—a big challenge for those looking to buy a home these days.

Mortgage rates will fluctuate. Although rates climbed past the 8% mark on 30-year fixed rates this fall, they’ve seen a steady decline in the month of November. At some point, the Federal Reserve will pause on raising rates, which is expected to happen in the second half of 2024.

Home values will hold steady. We’re observing continued rising prices in most major metro areas where we operate—from Charleston, South Carolina, to the Jersey Shore. Many people are waiting for prices to go down, but because of the inventory shortage and continued demand, prices are holding steady.

What these trends mean for you: If you’re planning on buying or selling a home in 2024, it’s important to put these trends into perspective and realize that the unique characteristics of your local market may not match these overriding predictions.

As a 13th generation Marylander and a veteran real estate agent, I have a deep appreciation of our community, its proximity to the city, and its way of life. My clients have included non-profit and corporate executives, consultants and entrepreneurs, busy professionals, lawyers, trustees, executors and conservators, first-time buyers, and empty-nesters. I have advised hundreds of clients from Potomac to Annapolis, Chevy Chase to Alexandria, Northern Virginia to Southern Maryland, a testament to my broad network, decades of experience, and exceptional level of service.

Clients find my approach as their expert consultant, educating and guiding rather than selling and pressuring. most successful and satisfying. More importantly, I help people change their lives, assist them in moving forward, and make it easier to reach good decisions in their best interests.

No matter which way the real estate market turns, I’m proud to be affiliated with a financially strong and stable company that takes an integrated approach to real estate, so I offer you all the services needed to buy, sell, rent, own and invest in real estate—from mortgage and title to insurance and moving.

Contact me today (301.452.1409) to get started on your journey to your new home.

Wishing you a very Prosperous and Happy New Year!

Hill

“Decades of Exceptional Results!”