Let’s focus on the brighter side of what the upcoming year might unfold in the realm of real estate! Here are some predictions for 2024:
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SALES VOLUME:
Despite a minor dip in 2023, the real estate market is set to rebound with a potential 15% increase in sales volume! As interest rates trend downwards, we anticipate unlocking a surge in homebuying enthusiasm.
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FINANCING RATES:
By the end of 2024, we might witness rates dipping below 6%, and who knows, possibly even inching closer to the 5% mark. An election year could add some extra momentum!
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NEW CONSTRUCTION:
Single-family and condo housing starts are projected to rise, bringing a breath of fresh air to the construction landscape. Conversions of commercial properties will see a notable uptick.
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PRICING:
Pricing diversity will be the name of the game, varying across regions and property types. New homes will command a premium, and the valuation will reflect the unique characteristics and conditions of each property.
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DESIGN:
From traditional to ultra-modern, a plethora of design styles will persist. However, in the realm of high-end real estate, a return to classic styling may take center stage, steering clear of fleeting trends.

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Source: COMPASS