Have you noticed the outrageous house prices lately? They appear to be ascending to the stars! December’s median price was $382,600, which is quite near to the record high of $413,800 that hit in June 2022.

That being said, will 2024 bring with it a wild ride in house prices? Most likely not, unless a large number of new residences appear out of nowhere. However, as we all know, the property market is capricious at best, much like attempting to forecast the weather. Some astute observers believe that things might start to level off if a staggering 30% of additional homes are constructed.

Here are a few factors to keep in mind that are already shaping how things will continue to unfold in 2024:

When the economy’s humming and jobs are popping up left and right, people tend to start eyeing up homes. It keeps prices steady or even nudges them up a bit.

• Economy and job growth affect housing demand and prices.
• When the economy is stable, property values usually rise.
• Downturns mean fewer buyers, so prices drop.
• More jobs mean more folks hunting for homes. 
• Local economics also makes a big difference.

What affects market stability isn’t one-size-fits-all. Each neighborhood has its own rhythm, and these peculiarities can significantly impact the local housing market. We are talking about job openings, the latest trends in the industry, and whether people are relocating in large numbers or not. These elements have the potential to drastically alter house demand and prices, creating a wild ride for everyone.

Are those big banks throwing around interest rates? Yeah, they can make a big difference in how much folks can afford to borrow for a mortgage. Low rates mean more buyers, while high ones might slow things down.

• Bank interest rates influence affordability.
• Lower rates can make buying a home more attractive.
• Higher rates make people hesitate to buy.

Who’s looking for homes changes over time. Youngsters like millennials might be jumping into the market, or older folks could be downsizing. That affects what kind of homes are hot.

• Young adults hitting that home-buying sweet spot are switching up what’s hot in the housing game.
• Older folks downsizing are on the move, changing up the demand for various types of homes.
• Generational trends are calling the shots, dictating what people crave in their living spaces.
• Population changes in different regions are stirring the pot, altering housing needs as folks come and go.
• Immigration trends are adding another layer to the mix, influencing housing demand in their own unique way.

It’s all about balance. If there aren’t enough homes to go around, it turns into a real dog-eat-dog situation, with buyers jostling and prices shooting up.

• It’s all about the numbers game: how many homes are up for grabs versus how many buyers are itching to snag one.
• Shortage in homes? Prices could skyrocket as demand outstrips supply.
• But flood the market with too many homes, and prices might take a nosedive.

Expect more homes to come with fancy gadgets and green features. People love that stuff these days.

• Smart home gadgets and energy-saving stuff affect what buyers want.
• Better tech can mean better home experiences and reduced maintenance costs.
• More houses nowadays have cool tech features.
• Buyers might look for homes with modern tech.

Are people ditching the city lights for the peace and quiet of the suburbs? Or are they craving that urban hustle and bustle? That can shift based on jobs, commutes, and what they can afford.

Where people want to live – cities or suburbs will continue to affect residential property values. Living in a metropolis has a certain allure, don’t you think? Imagine trendy properties, a thriving nightlife, and a short commute to work. The easygoing atmosphere and never-ending hum of city life are everything.

And guess who’s leading the charge? Millennials, obviously! They’re all about the walkable sidewalks. the public transportation system, and the proximity to hip locations like hangouts and cafes.

But wait, there’s more to the suburbs than meets the eye! Imagine large homes, tree-lined avenues, and a warm sense of community. Families looking for some laid-back vibes will love this place.

Also, as the number of people working remotely increases, more city people are snagging suburban homes in search of greater space and backyard entertainment. The pandemic just fast-tracked this trend, with everyone craving a little peace away from the city chaos!

Government rules can shake things up, too. Taxes, zoning laws, you name it—any changes can send ripples through the housing market.

• Government rules about taxes and buildings affect the market.
• Changes in the laws can change how people buy and sell homes.
• Tax breaks for homeownership make buying more attractive.
• Rules about land use and building matter for developers.
• Political changes can lead to new housing policies.

So, in 2024, it’s going to be a wild ride with ups and downs, twists and turns. Stay informed, do your homework, and don’t be afraid to ask the experts. At JC Property Holdings, we’ve got your back, making sure you ride the waves of the real estate market like a pro and come out on top.