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As we enter the summer of 2024, the real estate market is building momentum, and we’re starting to see emerging trends.  

June 2024 Real Estate Update

Here’s a brief look at the 4 key trends shaping the real estate landscape this summer.

1. House Prices are Stabilizing

After several years of extreme appreciation, house prices are beginning to stabilize.

From 2018 on, many regional markets saw yearly appreciation rates of 15% or higher. When those appreciation rates continue, year after year, it doesn’t take long until house prices double, sometimes in as little as 5 years.

As we approach summer 2024, house price appreciation seems to be slowing. One key observation is that most regional markets are seeing homes sell at 5% above or below asking prices.

We’ll soon see if that trend continues through June. 

2. There are More Listings

Alright, yes, there aren’t that many more listings, but the numbers have been creeping up for the past 2 years.

Gone are the severe listing shortages of 2021 and 2022.  

Many markets are seeing increased listings of around 15% to 20% over recent years.

Speaking for myself, I’ll take any improvement regarding this trend.

3. Holding Our Breath Over Interest Rates

2024 started with the expectation of 2-3 interest rate cuts, each of around a ¼%.

Unfortunately, inflation hasn’t dropped to a comfortable level yet and remains stubborn. 

As the saying goes, “hope springs eternal.” 

Only a week ago, Jerome Powell, Chair of the Federal Reserve, said that he believes rate cuts are still possible before the year ends.

While rates might not start to drop until the fall, I’m sure we’d all agree that a little more optimism is welcome. 

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4. A Slightly Less Competitive Market

Three years ago, I made an offer on a house for clients. Unfortunately, we didn’t get the house. However, I did learn that there were 56 offers total for the home.

Thankfully, that sort of market insanity doesn’t appear to be continuing. Our regional market (West Michigan) and many others are reporting that most homes for sale are receiving 2-3 offers. 

That’s a healthy number, for sure. We’ll see what the situation is like in August and let you know.

Those are the significant trends for many regional markets as we head into summer 2024.

Now, remember, real estate trends vary significantly by region. While some regional markets are still seeing huge demand and prices climbing, others are seeing a slight cooling off.

Check with your local real estate professional association or brokerage for regional trends and numbers.

Median Regional Home Prices

As of May 29, 2024 (Zillow)

CityAverage Home PriceIncrease / Decrease
New York$748,012Down 0.1% from the previous year
Chicago $296,901 Up 4.4% from the previous year
San Diego $1,032, 804 Up 11.8% from the previous year
Seattle $886, 253 Up 3.5% from the previous year
Austin $551, 906 Down 4.4% from the previous year
Denver $579, 019 Up 0.7% from the previous year
Atlanta $400,699 Up 2.0% from the previous year

National Average Mortgage Interest Rates

As of May 29, 2024 (BankRate)

Mortgage Current Rate Last Month
MortgageCurrent RateFixed Rate
30-year Fixed7.11%7.32%
20-year Fixed6.92%7.18%
15-year Fixed6.61%6.75%
30-year Jumbo7.26%7.37%

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Gregory Gronbacher

Real Estate Sales Agent / Professional Blogger

Gregory is a real estate sales agent and a state-certified instructor of real estate licensing and law. Originally from New York City, he's called Grand Rapids, Michigan home since 1995.

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