Christmas is a time of reflection, appreciation and setting intentions for the year ahead. As we look back on the year and look forward to 2024, we here at WinningAgent are profoundly grateful to our community and excited for the year ahead. It’s been a rollercoaster year in real estate. With 2023 coming to a close, we’re left with a sense of gratitude as well as uncertainty. How can we as real estate professionals embrace this changing landscape to strengthen our businesses?
Reflecting on 2023
The real estate market has been dealing with low inventory for a while now. Inventory has been moving upward since April 2023, but the number of homes for sale was still down 4% year over year at the end of September. So, while inventory is still growing, it’s not happening very quickly – and it’s still nowhere close to pre-pandemic levels. In the mean time, we can remain competitive in the industry with marketing strategies that span from social media to more old fashioned methods like community sponsorships.
And yes, home prices are still going up year over year, though the speed has definitely slowed down. The national median home price for active listings increased to $429,500 in September 2023 – a growth of only 0.41% compared to September 2022. And with buyer demand still high and a shortage of homes for sale, prices won’t plummet.
Looking toward 2024
For inventory levels to improve significantly, we need either a surge of listings or a huge amount of new-construction homes. While both seem relatively unlikely, experts do foresee some increase in housing inventory for 2024. There are expected to be more home construction, and more existing homeowners will be willing to sell and give up their low mortgage rates.
The combination of high mortgage rates, steep home prices and low inventory levels are lining up to make the 2024 housing market a challenging one for both buyers and sellers. But if the rate cooling at the end of 2023 continues next year as some experts predict, market activity should heat up in response.
Whether you’re a new realtor or a seasoned vet – make 2024 your year to invest in yourself and your business. At WinningAgent, we provide the tools you need to create a professional and engaging website that reflects your passion. A great real estate website will help you level up, reach new clients and grow your business. Cheers to new beginnings!