Beth Wolff Realtors
Coming from the headlines of 2023, it is important to remember the following highlights:
Houston's housing inventory, a critical indicator of market health, has increased to a 3.5-month supply1. This increase in inventory suggests a more balanced market, offering more choices to potential buyers while still being advantageous for sellers. The bottom line is inventory will probably increase year-over-year in 2024. However, it seems unlikely that inventory will be back up to the 2019 levels. If inventory remains the same or increases slightly our prices should remain stable.
An important factor influencing the housing market is the anticipated decrease in mortgage rates. 30-year mortgage rates were at 6.78% on January 10th, down from just over 8% on October 19th - the highest 30-year fixed rate in 23 years. A year ago, 30-year mortgage rates were at 6.21%. This expected drop in rates could further enhance the affordability of homes, making it a more opportune time for homebuyers to enter the market. These somewhat lower mortgage rates - and time - will likely be a primary factor in more new listings in 2024. Still, mortgage rates will remain above the pandemic lows, and therefore it is unlikely to see a major increase in inventory.
Houston's ongoing infrastructure improvements are expected to have a positive long-term impact on real estate values. These developments, along with the city's robust job market and high quality of life, continue to attract individuals and families, thereby driving the demand for housing. In fact, the National Association of Realtors (NAR) ranked Houston #6 in markets to watch in 2024 based on evaluations including the largest pool of potential home buyers, the greatest likelihood for home price appreciation and more.
2024 stands as a promising landscape for buyers and sellers. There is a diverse range of opportunities, and we are here to help you meet your goals. Reach out to us for more information and follow us on social to stay informed about more trends throughout the year.
Stay up to date on the latest real estate trends.
Ed Wolff | January 22, 2024
A look back on 2023 and forward to the new year.
Ed Wolff | July 13, 2023
Recent showings and pending home sales outpace 2022 trends in Houston.
Ed Wolff | January 17, 2023
A recap of 2022 and an outlook for 2023 Houston real estate market.
March 9, 2022
Two projects associated with the Park’s Master Plan reboot, the Land Bridge and Prairie.
March 9, 2022
Chef Kiran Verma serves world-class Indian cuisine at her eponymous restaurant in Upper Kirby.
March 9, 2022
Houston Botanic Garden is a spectacular day trip for Houstonians and visitors alike.