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The 2024 real estate market experienced price growth and stability amongst volatile interest rates and tight inventory. There was a welcomed increase in closed sales in 2024 compared to 2023, which recorded the lowest level of closed sales since 2008.
Low inventory levels were driven by the “lock-in effect” from the previous lower interest rates. Price growth over the last decade has been abundantly strong despite a correction in 2018 and 2022. This has provided would-be home sellers the opportunity to reposition their equity and take on a higher rate. We are starting to see more sellers give up their lower rate to move to a home that better fits their lifestyle. This should continue in 2025 as smart buyers know real estate has proven to be a solid long-term investment even with the new normal for rates.
If you are curious about how the trends relate to your real estate goals, please reach out. It is my goal to help keep you well-informed, find opportunities, and empower strong decisions.
