research report 1

2024 Real Estate Market Report

Real Estate Agent Danielle Gillespie of The Gillespie Group, a Carolina One Company, shares her projections for the 2024 Real Estate Market.

The 2024 Real Estate market changes will heavily depend on the individual markets at hand. For us locally in the coastal region of North Carolina, we will see high demand for certain types of homes, such as single-family homes, in the city’s residential areas, with prices ranging from $300,000 up to $600,000. 

More Inventory for New Construction + Coastal Second Homes

We will also see more inventory for new construction homes as well as coastal second homes such as condos and multi-family living spaces. Builders had been spending the last couple of years trying to keep up with the buyer demands from the craze of 2020-2021, and they are just now starting to catch up with what was needed.

IMG 3449 scaled
our coastal region of north carolina

High demand for $300,000-$600,000 single-family homes

The years 2022 through 2023 caused the market to slow down a bit, allowing builders to acquire more land to build more spec homes and buyers deciding to hold off for fear of rising rates and the uncertainty of the economy.

With where interest rates are currently and the economy, the average middle-class family needs to earn at least six figures to truly live a comfortable life, which is tens of thousands more than what was needed even a decade ago to live the same lifestyle. 

I think people are coming to understand that interest rates are not going to come back down to the 2’s and 3’s like we were blessed with during Covid, and if/when rates start coming downing steadily into the 6’s and even 5’s, it’s going to stir up the market and cause a quick increase in demand.

 

Buyers are out there, and they want to move; sellers are out there, and they are afraid to move due to the incredible rates they are locked in with, but they also have tons of equity in their homes that they want to tap into.

When 2020 hit, and buyers flooded the market, many buyers ended up purchasing homes that didn’t check all the boxes they were hoping for, but they settled into something because of how difficult it was to buy a home. These buyers want out of their current homes and into something that really fits their needs. These are going to be our sellers looking for new homes.

Also, with our vacation rental territory, I think we will see more condos and vacation homes coming up for sale as owners learn that managing their rental property was too demanding and/or they didn’t end up using their beach home like they thought they would.

Therefore, depending on what happens with rates and the economy, if we see a more buyer-inviting territory, we will see an increase in demand and prices, a lack of supply for the types of homes that are in need, and a surplus of homes for other categories.

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