What is the Homes with Hall Realty team looking forward to most about 2024?
We’re excited to continue connecting with our community on a high level, reaching out to families and providing education on the home buying process. We always love working with Buyers as they find their slice of Texas to call home. Sellers are also a highlight to work with as we work diligently with them so they can pocket the highest net gain from the sale of their homes. Plus, we’ll be participating in a lot of community events to serve our local families and neighborhoods!
These are just a few of the questions facing buyers and sellers in today’s real estate market, and making a move can be daunting. That’s why the number one recommendation we have for 2024 real estate planning is to connect with a REALTOR®. 2024 is going to be a big year, and it’s a great time to realize your real estate dreams. If you have any questions about buying or selling a home, give us a call today to schedule your consultation!
2024 Market Predictions FAQ
Will 2024 be a buyers or sellers market?
Texas is one of the top 5 states to move to and Central Texas continues to rise to the top of the charts. As rates continue to decrease, this will drive more buyers back into the housing market. 2024 is projected to be a better year for buyers than 2023 due to more predictability in the market, within reason. Interest rate stability, housing prices balancing, and local industry experts are not expecting rate hikes or a highly fluctuating and volatile market. Inflationary pressure is easing and there is some level of reliability throughout the year to be expected. The Austin and Central Texas market is healthy, although it didn’t feel that way with the jolt from 2019 to 2020 with a slower market to the burst in 2021 with a jolt in demand and pent up energy from the pandemic. 2022-2023 we saw the market shift quickly to rebalance itself and we are starting to get back to a normal market.The rate of change over the past 5 years was very volatile and the storm is coming to a calm. There will still be ups and downs, however they will be to a much lesser degree.
Which will be the hottest market around Austin Tx?
Areas both north and South of Austin, Georgetown and New Braunfels. New Braunfels has emerged as one of the most moved to area in Central Texas. The U.S. Census reports a population surge of more than 15% since 2020. Georgetown is the fastest-growing city in Texas, with a population growth of 14.4% year over year. According to Houzeo.com, Texas’s spacious countryside, diverse cities, and strong economy will continue to attract buyers. 6 of the 15 fastest-growing U.S. cities are in Texas, namely Georgetown, Kyle, Leander, New Braunfels, Little Elm, and Conroe.
What will be the best month to list your home in 2024?
Historically the early spring to summer months are the best time to sell. Typically buyers begin looking in the first quarter of the year and most aim to relocate before school starts. Generally the best months to list are February through July. This also aligns with the mortgage rate stability and alignment for decreasing through the early spring.
Will interest rates go up in 2024?
National Association of Realtors chief economist Lawrence Yun. stated “Mortgage rates look to head towards 7% in a few months and into the 6% range by the spring of 2024.” While rates continue to trend downward we anticipate they will stay within this range for the continual for the year. Our local market is balancing and paired with restabalizing interest rates will make it a great year to buy!
How much will home values rise in 2024?
In a recent prediction presented by Lawrence Yun, he stated “Home prices will rise around 3 to 4 percent.”. This is also congruent to what Dr. Clare Losely stated with the Austin Board of Realtors. Central Texas housing market continues to be a hot market. While we are in a stabalizing market, some areas have appreciated to over 30% in the last year. Check out the Texas National Titles appreciation map here for more information on your area. Your home and neighborhood is specific so we would love to meet with you to do a personalized consultation on the unique qualities of your home or area you are looking to move to.
According to the realdeal.com, Austin has the fifth-best real estate market in the nation going into 2024, the Austin Business Journal reported, citing the ULI’s Emerging Trends in Real Estate study, which compiled data and insights from over 2,000 industry experts to analyze shifts in the market and make predictions for the coming year. Austin’s ranking, down from No. 3 last year, reflects the city’s status as a “magnet city,” attracting both people and companies. Over recent years, Austin has seen significant investments from major corporations, such as Tesla and Samsung, which have drawn substantial business to the area. Austin’s population has surged from 790,390 in 2010 to an estimated 974,447 in July 2022, according to the U.S. Census Bureau. Suburbs like Georgetown, Leander and Liberty Hill have also experienced explosive growth, contributing to the metro’s industrial market.
Check out the video from our Local Economist, Dr. Clare Losely from the Austin Board of Realtors here for more information on the Austin Market Predictions: https://www.youtube.com/watch?v=KeIG1eRkiDQ