Explore the 2024 market dynamics, from rate changes to emerging trends.
What’s the state of the market in 2024? The real estate market is experiencing a shift. Towards the end of 2023, interest rates dropped to the 6% to 6.5% range, down from the previous 7% and 8%. While this change coincided with the slow fall and winter season, the market is now showing signs of increased buyer activity as we enter 2024.
Currently, there are fewer than 15,000 homes on the market in the greater Phoenix area, which is less than half of the usual inventory. This scarcity, coupled with interest rates in the sixes, has led to an uptick in buyer interest. As we approach the spring season, there’s a noticeable shift from a balanced market at the end of the previous year to a more seller-friendly market.
“The market is now showing signs of increased buyer activity as we enter 2024.”
While it’s not anticipated that there will be a drastic surge in prices, the market is expected to favor sellers. There’s a possibility of price increases, especially during the upcoming hot spring buying season in the next few months.
For those looking to buy, it’s advisable to enter the market before the expected surge in buyer activity in March, April, and May. Sellers are encouraged to strategize and position their homes for optimal results, taking advantage of the current influx of buyers.
For further inquiries or assistance in navigating the market, feel free to reach out via email or phone. We’re happy to help.
