Forecasting the Triangle’s Housing Market in 2024

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Understanding the Past Trends

In 2023, the Triangle’s housing market faced challenges primarily due to rapidly rising interest rates and dwindling home affordability.

Why this is significant: Escalating interest rates deterred potential home sellers and buyers alike. Many found it hard to rationalize the costs or relinquish low interest rates, which stalled market activity.

Potential Stability in the Market

However, the upcoming year might bring a sense of stability to the region’s housing market, enticing both sellers and buyers back into the fold, as suggested by experts to Axios.

Adjusting to New Interest Rates

Susan Bashford, an agent with Hodge & Kittrell Sotheby’s International Realty, foresees both buyers and sellers acclimating to the elevated rates after months of mortgage rates above 7%.

Insights on Inventory Surge

Bashford anticipates that stabilizing interest rates will prompt a surge in new homes hitting the market in the coming year.

Steadiness in Property Values

Despite the projected increase in supply, Zillow forecasts a predominantly stable trend in home values, predicting a marginal 0.2% nationwide decline.

Balancing High Rates with Market Dynamics

While higher interest rates might favor renting for some, Adrian Brown, a broker at Inhabit Real Estate, remains optimistic.

Encouraging Negotiation and Concessions

After being almost non-existent for a while, sellers are more open to negotiations and concessions for buyers.

Closing Remarks on the 2024 Market

The bottom line: 2024 will likely see sustained high but stabilized interest rates. As the market adjusts, more buyers and sellers are expected to participate.