2024 Housing Market Update: Trends, Insights, and Opportunities (Part 1)

In 2024, the housing market is a major focal point for homeowners across the country. Shifting economic landscapes and evolving buyer preferences make understanding the current state of affairs crucial for anyone invested in property.

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🔍 Key Highlights:

• Market Trends: Homeowners are expecting steady appreciation and home values in most markets, although some are seeing values slip—Charleston remains strong.
• Nationwide Home Price Increase: Despite a 30% slowdown in buyer interest since 2021 due to high interest rates and affordability issues, robust demand and limited inventory have driven nationwide home price values up.
• Rising Insurance Costs: Insurance rates have increased by over 20%, yet demand remains strong enough to continue appreciation.
• First-Time Home Buyers: The average age of first-time home buyers is now in their mid-thirties, with many taking up to ten years to save for a down payment due to increased debt and living costs.
• Affordable Payments: Future projections indicate that payments will become much more affordable for first-time buyers once rates stabilize.
• Selling Strategy: Significant appreciation allows homeowners to leverage their equity for their next property, although homes are taking longer to sell due to increased inventory and fewer buyers.
• Investment Properties: Homeownership continues to be a cornerstone of wealth building, with many considering investment properties.
• Navigating the Market: Expert guidance and informed decision-making are essential in the current market.

📢 Stay tuned for more insights and updates on the evolving housing market! Whether you are looking to buy, sell, or invest, 2024 promises opportunities for those ready to seize them. Visit SoldWithDave.com for an instant cash offer on your home or property value.

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✨ABOUT DAVE✨
The decision to buy or sell a home shouldn’t be made lightly. I want to help make that decision easier by providing you with relevant, educational information about real estate in the Charleston area, and the real estate market, right here on our YouTube channel. Whether you’re looking for helpful tips about buying a home, selling a home, or the latest market statistics, we’re here to bring that information together all in one place. We have a passion for helping homebuyers and home sellers achieve their goals and we’d love to talk to you about how we might help you achieve yours. If you have any real estate-related questions for us, don’t hesitate to reach out to us via phone or email today.

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David Friedman
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