Why 2024’s Housing Market Will Be Better Than Last Year’s

By Jason Baker

Jason Baker is the leading listing agent in the entire regional mls for residential and or total units sold, 8 years running. He is a tireless worker, and surrounds himself with the best admin and sales team in Montana...and the results speak for themselves.

Today, let’s discuss the top seven ways this current real estate market surpasses last year’s. We find ourselves back in what the real estate industry calls a normal market—neither a seller’s nor a buyer’s market, but a balanced mix:

1. Increased demand. Showings are on the rise, and leads are pouring in. The momentum in 2024 is much stronger than the previous year.

2. Lower mortgage rates. Rates have dropped from eight and a half to the mid-sixes, coupled with seller concessions, enticing buyers to act.

3. Rising sales. More sales and pending deals compared to last year. Although days on the market and inventory have increased, buyer demand remains robust.

4. Stabilizing prices. Some price ranges are experiencing offers exceeding asking prices, indicating a plateau or even slight increases. The drastic fluctuations seen during COVID are subsiding.

5. Multiple offers. Instances of multiple offers are emerging, showcasing increased competition. Listing early, before the typical April-May rush, is proving beneficial.

6. More seller concessions. With increased inventory, sellers are more open to concessions and covering closing costs, making it a favorable market for buyers.

7. Optimism. A renewed sense of optimism prevails, fueled by lower interest rates and reduced monthly expenditures. Both buyers and sellers are experiencing a more positive market.

If you have any questions about the current market dynamics, whether you’re buying or selling now or in the future, call or email us. We’re wishing you a blessed 2024 filled with positivity and success!