Summer 2024 Housing Market Update

Hey everyone, summer's heating up, even the grass here in Cherokee County is feeling it… But what about the housing market? Let's dive into the latest national housing stats. I'm Bonnie Lelak with eXp Realty, and I'm here to give you your National Market Update.

Affordability:

So, what's going on with affordability, inventory, new construction, mortgage rates, and buyer demand? According to Redfin, U.S. home prices are still on the rise, even though high costs are keeping some buyers at bay. In the last month alone, home prices went up by 0.5%. That makes six months in a row of price increases, with no signs of slowing down.

Inventory:

We're seeing multiple offers in certain markets with high buyer demand, despite limited inventory. Even though new listings have gone up recently, overall market inventory is still 20% below pre-pandemic levels. Plus, homes are staying on the market longer. This might seem odd given the low inventory, but it often means sellers are pricing their homes too high initially and then having to lower the price. Based on the data for the last 7 days in just Canton GA 27% of the homes that closed had a price reduction first. Even the luxury homes that were priced correctly went under contract quickly.

Importance of Competitive Pricing:

Pricing your home competitively is crucial to avoid long days on the market. Nationally, homes listed just below market value are getting multiple offers within a week, while those priced too high can sit for 30-45 days or more.

New Construction:

On the new construction front, things are looking good. New builds are nearly double the pre-pandemic rate, giving buyers more options.

Mortgage Rates and Buyer Demand:

And what about mortgage rates? They've been all over the place, but as of now, they've gone down a bit since the start of the year. This has helped boost buyer demand by easing affordability a bit.

The real estate market is always changing, so it's essential to work with an experienced local agent. Curious about buying or selling a home? Discover the ins and outs of the process. Comment "buyer" or "seller," or DM me, call or text me at 404.788.2580, to sign up for our free virtual seminars and get all the knowledge you need! If you want more info on housing data in the North Atlanta Suburbs, especially in Cherokee County, give us a call. We're here to help you plan your next big move. I’m Bonnie Lelak, with the Lelak Real Estate Team and eXp Realty. And remember, we love bringing people and homes together.