2024 Housing Predictions

CHARLOTTE, N.C. – As the end of the year approaches, a lot of questions loom for the real estate industry. Arrived, a real estate investing platform, just released their five predictions for the housing market in 2024.

Deirnesa Jefferson spoke with Cameron Wu, VP of Investments at Arrived about their predictions.

• The new American Dream is owning equity, not a home. Today’s housing market is witnessing the most significant lack of affordability and accessibility in decades. The math of owning a home doesn’t work for everyone right now, so many of them will emphasize wealth building through strategic real estate investments instead.
• Renters will struggle to find quality housing. The rental market is expected to remain steady in 2024, and renters will face a challenging landscape. Amid recession fears and tightened lending requirements, landlords may seek higher minimum credit scores and larger security deposits from aspiring tenants, putting added pressure on renters.
• Appreciation will be a tale of two property values. In areas with lower living costs but decently sized populations, like Charlotte, Knoxville, or Indianapolis, properties could continue to see appreciation climb above current averages. But mortgage rates and remote-work possibilities could be strong headwinds against appreciation in higher-cost markets.
• Where the job market goes, the housing market follows. A precarious job market will heavily influence real estate decisions, as people may put off buying a home due to job insecurity.
• A flood of unrepresented buyers. Ongoing legal battles and regulatory changes will spark a revolution in the buyer’s experience. We will likely see a push toward higher transparency, especially around commissions and fees, and higher transparency could lead to more ala cart services for homebuyers in lieu of full agent representation.