REAL ESTATE MARKET UPDATE | Stable Prices in 2024
NAR Forecasts 4.71 Million Existing-Home Sales, Improved Outlook for Home Buyers in 2024
Key Highlights
- NAR predicts 4.71 million existing-home sales in 2024, up 13.5% from 4.1 million anticipated in 2023.
- Annual median home prices are expected to remain largely unchanged at the national level in 2024, for the second straight year, modestly improving affordability from rising income.
- Austin, Dallas-Fort Worth, Nashville, Philadelphia and Washington, D.C. join five other metropolitan areas among NAR’s top 10 housing markets with the most pent-up housing demand in 2024.
WASHINGTON (December 13, 2023) – NAR Chief Economist Lawrence Yun forecasts that 4.71 million existing homes will be sold, the housing market is expected to grow, and Austin, Texas will be the top real estate market to watch in 2024 and beyond. Yun unveiled the association's forecast yesterday during NAR's fifth annual year-end Real Estate Forecast Summit: The Year Ahead.
Massachusetts Housing Market Trends and Forecast for 2024
According to Zillow, the average Massachusetts home value stands at $596,410, marking an 8.2% increase over the past year. Homes in Massachusetts typically go to pending status in approximately 13 days. Looking ahead, the future market outlook appears promising yet nuanced. While demand remains robust and prices continue to climb, there are factors such as inventory levels and economic conditions that could influence market dynamics. However, with interest rates remaining favorable and consumer confidence on the rise, the overall sentiment is optimistic. Hence, the Massachusetts Housing Market Report for February 2024 paints a picture of a dynamic and competitive market landscape. With prices on the rise and inventory levels tightening, both buyers and sellers must stay informed and agile to navigate the complexities of the market.
REAL ESTATE Insights
How much do you need to buyer a home?
Find out more here - Register for our online seminar March 8th at 8PM. Special guest, Rodrigo DeOliveira, Ideal Lending Mortgage.
Condo, house, townhouse or apartment? How to choose
Finding a new place to plant roots isn’t solely about the price tag. Your real estate search is likely to include a range of options: condo vs. townhouse, condo vs. house, house vs. townhouse and more. As you stack different types of properties against each other, it’s important to think about not only what you can afford, but also your preferences and expectations as a homeowner or renter.
What’s the history of your house? Tracking down details can be rewarding.
When her niece moved to an older home in Cleveland Park, Elizabeth Ratigan gave her an unusual housewarming gift. Instead of a plant, she presented her with the history of her home. “You know it makes your house kind of come alive,” Ratigan said. “It becomes more of a person than just a house.”
On the news
Are condos de new starter home?
'Cautiously optimistic': Experts weigh in on what to expect in Massachusetts real estate in 2024
Existing-Home Sales Housing Snapshot 2024
Single-family homes seem like the iconic starter home, but they aren’t the only available options. Condominiums or condos can make terrific starter homes for the right people. Whether you are just moving out of your parents’ home or are ready to stop renting, condos deserve a second look as you explore the options for your new home. Some first time buyers might not feel ready to tackle the size and maintenance demands of a single family home, but are more than capable of owning their own place. By overlooking condos, they get stuck renting a house or apartment or end up buying a house that does not quite fit their current lifestyle.
A condo may be the perfect solution to this dilemma. First things first, what exactly is a condo?
Existing-Home Sales Housing Snapshot 2024
'Cautiously optimistic': Experts weigh in on what to expect in Massachusetts real estate in 2024
Existing-Home Sales Housing Snapshot 2024
February 2024 brought 4.38 million in sales, a median sales price of $384,500, and 2.9 months of inventory. The median sales price is up 5.7% year-over-year, and inventory was up 0.3 months from February 2023. Additional housing supply is helping to satisfy market demand, which has been on a steady rise due to population and job growth. In February 2024, sales increased in the West, South, and Midwest, and held steady in the Northeast. Year-over-year, sales declined in all regions.
Click to see Summary of February 2024
Existing Home Sales Statistics Report
'Cautiously optimistic': Experts weigh in on what to expect in Massachusetts real estate in 2024
'Cautiously optimistic': Experts weigh in on what to expect in Massachusetts real estate in 2024
Starter homes may be a thing of the past — millennial and Gen Z homeowners plan to stay put for near
The real estate market faced many challenges in 2023. Buyers and sellers waded through an environment of high interest rates, low housing stock, inflated prices and strong competition.
So, what will 2024 hold for buying and selling homes in Massachusetts?
WBUR asked some experts to weigh in on the market. Here are a few of their reflections and predictions: Homebuyers faced a tough market in 2023 – First, it's worth recapping 2023. It was a challenging year for homebuyers. High interest rates and low inventory greatly impacted the volume of home sales. Rising mortgage rates made it less attractive for homeowners to list their properties. And the lack of housing coupled with strong buyer demand kept prices inflated — which was not so great for buyers, but was certainly good for sellers. The median home price in Greater Boston even hit a record monthly high of $900,000 in May and climbed still higher in July.
Starter homes may be a thing of the past — millennial and Gen Z homeowners plan to stay put for near
Starter homes may be a thing of the past — millennial and Gen Z homeowners plan to stay put for near
Starter homes may be a thing of the past — millennial and Gen Z homeowners plan to stay put for near
For millennial and Gen Z homebuyers, purchasing a starter home may be a thing of the past.
Nearly 40% of Americans between the ages of 25 and 44 who bought homes last year plan to stay in them for 16 years or more, according to data from the National Association of Realtors. For homebuyers between the ages of 18 and 24, that number jumps to 48%.
A starter home is usually the first home a person or family is able to purchase. It tends to be a smaller and less-expensive dwelling the homeowner only lives in for about three to seven years as they save up for their “forever home.”
Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices
Starter homes may be a thing of the past — millennial and Gen Z homeowners plan to stay put for near
Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices
“As home prices kept rising, so did the equity built up in residential properties, to the point where close to half of all mortgage payers around the country found themselves in equity-rich territory,” said Todd Teta, chief product officer with Attom. Sky high real estate prices have made a growing number of homeowners “equity rich,” according to a report on home equity. That means they have at least 50% equity in their property, or put another way, that the amount they owe on the home is no more than half of the property’s market value.
With home prices surging, here are 6 ways to leverage your home equity
Starter homes may be a thing of the past — millennial and Gen Z homeowners plan to stay put for near
Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices
US home prices are as high as they've ever been -- and the market shows no signs of cooling off. According to a report from real estate marketplace Zillow, average home prices in 46 of the nation's 50 largest metro areas grew by more than 10% in May compared to the previous year. And home values have increased by more than 13% on average since last year. In June, the median home price in the US was $385,000, compared to $342,000 in June 2020.
What factors determine whether it's right for you to refinance your home?
Should You Sell Your Home As Is, or Spring for a Renovation? Here’s How to Decide
Refinancing a mortgage can be a great way for homeowners to save some money. But beware—make a wrong move when you refinance a loan, and you could easily get in over your head. That's why we highlight here the right (and wrong) ways to refinance your mortgage loan.
Should You Sell Your Home As Is, or Spring for a Renovation? Here’s How to Decide
Should You Sell Your Home As Is, or Spring for a Renovation? Here’s How to Decide
When you decide to sell a house that desperately needs updating, you basically have two choices: Sell it as is—in its current condition without improvements—or make upgrades in the hope of reaping bigger bucks down the line.
While renovating your property will inevitably sell your home faster and for more money, listing your property as is has its perks, too—including not having to fork over lots of cash for major improvements you won’t get to enjoy, and not dealing with the headaches of those improvements.
Buying a home for the first time is overwhelming even for a calm and collected veteran.
Buying a home for the first time is overwhelming even for a calm and collected veteran.
Buying a home is easily one of the top five most adultish things you can do. As such, it can seem incredibly intimidating, but don't let your insecurities and a lack of information derail your dreams of owning a house! We asked Kelly White, VP of strategic growth at Sente Mortgage, for advice on taking the fear out of first-time purchasing, so keep scrolling for the best tips to add to your house-buying checklist.
What’s Up With the Crazy Housing Market?
Buying a home for the first time is overwhelming even for a calm and collected veteran.
Rising mortgage rates. Faltering home sales. Skyrocketing rents. Here’s how to make sense of a baffling real estate market.
After a two-year boom, the United States housing market finds itself at a pivotal moment — but pivoting to what, exactly?
This spring should have been a busy time for home sellers. Instead, the season was a dud, stalled by a dramatic spike in mortgage rates that stunned even industry experts with its chilling effect on the market.
This is meant to provide for a robust affordable housing program in Boston.
This is meant to provide for a robust affordable housing program in Boston.
In his annual State of the City address earlier this year, Boston Mayor Marty Walsh announced a new, big-ticket housing agenda to thundering applause. Walsh has pledged to spend $500 million over the next five years on a raft of housing programs aimed at creating and preserving affordable housing, including housing for seniors, low-income and middle-income Bostonians.
50 Essential real estate terms simplified
This is meant to provide for a robust affordable housing program in Boston.
If you're new to real estate, some of the industry lingo can seem to be a foreign language or quite overwhelming. But wouldn’t it be great if explaining real estate terms were a little easier, and you had a concise guide that explained some of the most important real estate terms in simple terms? If so, good news! Here is a list of some of the most common and important real estate terms you would need to know.
