2024 Wrap-Up: Buyer Power and What’s Ahead

It’s finally December, and I’m not sure what else can be said about the housing market. In the 10 months of newsletters I’ve sent out this year (November was a miss due to technical hiccups), I’ve talked about:

• The difference in seller and buyer activity in the first half of the year

• The conflicting impact of the election vs improving mortgage rates

• What strategies buyers are able to leverage to buy right now

• Some of the signs to look for as a buyer to find a deal

At this point, I’m not sure what else can be said.

Now, as we close out 2024, here’s the key takeaway: this year has been all about active sellers and slower buyers. Here’s how things look as we head into the end of the year:

Make it stand out

What does this mean? We’re doing better than last year, but we’re still not back to 2019 levels.

This slower pace has led to more inventory and more options for active buyers. It’s also slowly improving the quality of homes buyers can get for their money—something that doesn’t show up in the median sale price stats you see each month.

Looking Ahead

It’s hard to say how 2025 will play out. Even though the election is behind us, the uncertainty around mortgage rates hasn’t gone away. While forecasts suggest rates might improve overall, it’s important for buyers to remember that one month of improving rates doesn’t mean they won’t go back up the next. We’ll likely continue to see some ups and downs. If 2025 ends up looking like 2024, I wouldn’t be surprised—but only time will tell.

If you have any questions about the current market or want to chat about what’s ahead, don’t hesitate to reach out. I’d love to connect.