As we step into the new year, it's natural to wonder what the future holds for the Triangle housing market in 2024. Given the possibility of additional mortgage rate decreases, our still locally strong economy, and an influx of new construction homes, the general consensus is that the market will offer more stability and balance compared to the unprecedented fluctuations of the past. Our agents are offering their insights into the key trends, opportunities, and challenges that lie ahead in the coming year.
The housing market for 2024 is promising. There is so much new development happening. This and the hope of falling interest rates is a welcomed trend for both buyers and sellers in the Triangle.
I think we will not experience a rush for high due diligence fees and will see properties stay on the market a little longer than in the past three years because the new developing communities are providing more inventory for buyers.
I believe the housing market will continue to correct itself over 2024. The past few years have created inflated prices. Houses priced below $250,000 will continue to be strong. Due diligence fees will come back down to more manageable levels. Days on the market will increase. And sellers will have to negotiate repairs and actually do repairs again.
Based on what we are hearing, our market is performing better than the national stats. I believe we will continue to have a good demand for homes in the area because of new jobs and companies relocating to our area. Prices will increase but not at the rate we have seen in the last 2-3 years.
There are more new construction homes available than existing homes inventory, but the question is whether buyers are able to wait 6-10 months for them to be built. The days on the market remain at 15-25 days unless it is truly a move-in ready home. By mid-March, we should be able to tell how the Spring market is shaping up.
Although none of us have a crystal ball, the market seems to be looking to have a normal year cycle, which is to say it won't be crazy like 2021 or 2022. The rates may go down and drive prices up a bit, but there still shouldn't be 10-15 offers and offers that are $50,000 above asking price.
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