Last Updated on January 31, 2024
Along with Buffalo, New York; Cincinnati; Columbus, Ohio; Indianapolis; Providence, Rhode Island; Atlanta; Cleveland, Ohio; Orlando, Florida; and Tampa, Florida, Charlotte, North Carolina, is expected to be one of the hottest markets in 2024, according to Zillow.
What’s driving Zillow’s predictions?
The hottest markets of the year are evaluated for demand, steady home values, and a growing number of homeowners and job growth.
What will inventory be like in 2024?
The big story here is that most sellers who have been sitting on the sidelines unwilling to trade their ultra-low interest rate for a higher one will finally get off the sidelines and make their move this year, realizing they can’t wait forever. With most experts predicting rates will be lower this year in the 6-6.5% range, we’re expecting this will work to free up housing inventory.
Increased inventory should help to ease housing prices as well, and we predict house appreciation rates to be closer to normal levels in 2024. As it stands now, Charlotte’s months supply of inventory (MSI) is sitting at 3.2, which is the highest it’s been since April of 2021. Once MSI reaches 5, the market becomes more balanced, but at 3.2, it’s still considered a seller’s market, although inventory is expected to loosen up a bit.
What’s the bottom line?
While Charlotte and many of Howard Hanna Real Estate markets are on the top 10 list, we do expect the 2024 real estate market to very similar to that of 2023, with the exception of inventory easing a bit as more and more would-be buyers get accustomed to higher interest rates.
Now that you have a good idea of what’s in store for the real estate market in 2024, if you’re in the market to buy or sell this year, let the experts at Allen Tate be your guide! Thinking about selling? Get a jump start with a free home physical.
