Breaking: Q4 Housing Market Trends You Can’t Afford to Miss!

2024 Q4 Housing Market Trends: Rate Relief Brings New Opportunities

As the year winds down, the real estate market is usually quiet, with holidays, cold weather, and fewer daylight hours keeping activity subdued. But this fourth quarter is shaping up to be anything but typical. Falling mortgage rates and steady demand are creating opportunities for both buyers and sellers to take action before the year ends.

Let’s break down the key trends shaping the housing market in Q4 2024 and what they mean for you.

1. Mortgage Rates Are Falling

For the first time in months, mortgage rates are heading in a buyer-friendly direction. The rate for a 30-year fixed mortgage dropped from 7.39% in May to 6.24% by late September, with experts predicting it could dip into the high 5% range by the end of the year.

This drop in rates is a game-changer, improving affordability and encouraging buyers who’ve been waiting on the sidelines to enter the market.

2. Housing Prices Stay Strong

Despite seasonal trends that typically bring lower prices, experts forecast a 3% to 5% increase in home prices this quarter. Limited inventory and consistent demand are helping prices hold steady, though some overvalued markets may experience slight cooling.

For buyers, this means acting quickly when the right home becomes available. Sellers, meanwhile, can expect solid demand for competitively priced homes.

3. Inventory: Improving but Still Limited

Housing supply is up 40% compared to last year, which is great news for buyers. However, many homeowners locked into low mortgage rates are still holding off on selling, particularly at the entry-level price point.

What does this mean? While inventory is higher than in 2023, it’s still limited in many areas, and homes that do hit the market are likely to sell quickly.

Advice for Buyers and Sellers

For Buyers:

• Get Pre-Approved: Secure your financing and ensure your budget accounts for transaction costs, maintenance, and any surprises.
• Be Prepared to Act: With competition still high, have a strategy in place to move quickly when you find the right property.
• Explore Less Competitive Markets: Consider areas where your budget can stretch further and competition is less fierce.

For Sellers:

• Know Your Market: Local trends are key. If homes are selling quickly in your area, now could be a great time to list. Otherwise, waiting until spring may yield better results.
• Price to Sell: Even in a strong market, overpricing can turn buyers away. Offer incentives like covering closing costs if necessary to make your property stand out.
• Plan Your Next Steps: Be ready for higher mortgage rates if you’re trading up or buying in a similar market. Downsizing or relocating to a lower-cost area can offer financial advantages.

What This Means for You

Q4 2024 is shaping up to be an exciting time for real estate, with opportunities for both buyers and sellers to achieve their goals. Falling mortgage rates, steady prices, and improved inventory levels make this an excellent time to evaluate your next steps.

As your trusted real estate expert, I’m here to guide you through the market and help you navigate these opportunities. Whether you’re buying, selling, or just exploring your options, I’d love to help you make the most of this unique moment.

📞 Contact Miya Gonzalez today at 314-503-9740
📧 Email: miya.gonzalez@cbrealty.com
🌐 Visit my website for more tips and listings: Miya Gonzalez

For more insights on housing trends, check out this helpful resource: Bankrate Housing Trends.

Let’s make your real estate dreams a reality this season!