02.09.2024 | Market Report

Real Estate Market Report: February 2024

January’s real estate market saw benefits from the lower mortgage rates that started in December. With fixed rates starting to come down, home sales were up in January 2024 when compared to January 2023. More buyers have come back to the market and we are seeing homes that have been on the market for a while selling, sometimes with multiple offers. New listings were also up, however, not in as large numbers as the return of buyers, so we are seeing the market edge closer and closer to a Seller’s market in many areas.

This all points to a Spring Market that will be more normal for our area. I don’t expect the market to get overheated, however, I do expect us to edge into a slight Seller’s market with days on the market coming down greatly over the next couple of months. You can expect competition for the best homes to pick up as well this spring.

Buyers have a great window of opportunity over the next 3 months to secure a home before a Seller’s market takes greater hold as we move further into 2024. The expectation of lower interest rates in the second half of 2024 will bring many buyers who have been sitting on the sidelines back into the market.

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