Table of Contents
- Trends for the 2024 Summer Market
- Median Regional Home Prices
- National Average Mortgage Interest Rates
- Listing Coordination Services
As we enter the summer of 2024, the real estate market is building momentum, and we’re starting to see emerging trends.
Trends for the 2024 Summer Real Estate Market
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)
| City | Average Home Price | Increase / Decrease |
| New York | $748,012 | Down 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
| Mortgage | Current Rate | Fixed Rate |
| 30-year Fixed | 7.11% | 7.32% |
| 20-year Fixed | 6.92% | 7.18% |
| 15-year Fixed | 6.61% | 6.75% |
| 30-year Jumbo | 7.26% | 7.37% |
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Listing Coordination Services
Every real estate sales agent knows the time-consuming, tedious task of preparing a listing and posting it on the MLS.
Moreover, once you’ve gathered the property details, you must enter all this information into the MLS itself.
AgentUp’s listing coordination package includes the following time-saving features and services:
1. Pre-Listing Tasks
We’ll reach out to your seller to collect and complete all of the required information and schedule the following tasks:
- Complete the property disclosures
- Schedule the photographer
- Edit your listing photos and enhance your media
- And prepare any other marketing assets
2. Listing Preparations
We tackle the tedious tasks involved in getting the listing ready to be put on the market, including:
- Inputting your listing into the MLS
- Setting up ShowingTime
- Registering your lockboxes
- Communicating with the seller
- And sending the file to your broker once it’s live
3. A Free AgentUp Plan
When you order listing coordination for a limited time, you’ll get a complimentary Duo marketing plan for one month. The marketing plan comes with the following:
- Property website
- QR codes for easy property info download
- Listing photo editing
- Virtual tour
- Floor plan
- Virtual staging
Upgrade to our TC+LC package for even more savings and get a three-month Duo plan.
Start today and receive $50 off your first listing coordination offer.
So, don’t delay!
Sign up for a free AgentUp account and use the best real estate marketing and support services available. Before you go, you may also want to check out the following related resources:
