Greycoat Real Estate’s Market Predictions for 2024
As 2023 comes to a close, new sales have gone up considerably, 17% higher than they were at the same time in 2022. Demand has also increased by 19%, even with higher mortgage rates. Greycoat Real Estate attributes these increases in activity to a larger supply of available homes leading to a balance.
This, a healthy balance between what buyers are willing to pay and the prices set by sellers. This has also slowed down price declines compared to the previous year. Greycoat Real Estate anticipates that a third of those who purchased property in 2023 did so with cash, with mortgaged sales dipping by about 30%.
A robust labor market has given buyers greater purchasing power while more rigorous affordability requirements has helped prevent potential homebuyers from taking on too much debt. With prices and borrowing costs increasing, Greycoat Real Estate expects to see more people moving to more affordable areas in 2024.
This, perhaps 10 miles or further away from their current location. The trend of new sales increasing is also expected to continue into the new year. Overvalued home prices may decrease slightly as incomes go up.
Greycoat Real Estate sees those active in the real estate market becoming more confident and moving past recent instability and uncertainty due to a number of factors. With the market being more resilient than expected, especially this late in 2023, it is likely that the beginning of 2024 will see even more activity.
