Episode #959
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The 2024 housing market isn’t turning out how most of us thought. At the beginning of the year, real estate investors were hopeful that mortgage rates would fall, affordability would return, and home prices would have a chance to stabilize before going back up. But none of those things happened. Rates are still high, affordability is at a forty-year low, and home prices are slowly rising even with diminished demand. Why is this happening, and what’s causing these market moves? All that and more, with VP of Market Intelligence at BiggerPockets, Dave Meyer, in this BiggerNews episode.
We’re giving you an entire wrap-up of the 2024 housing market (so far) on today’s episode as Dave goes through the data behind affordability, home prices, inventory, sales, and which real estate markets are faring the best. With more and more homeowners “locked in,” the US as a whole is still experiencing low housing inventory—HALF the amount of inventory from just a few years ago. This puts buyers in a tough spot. Should they buy now with limited choices and high rates or wait for mortgage rates to drop? And if they do decide to wait, what happens to rent prices?
Dave answers it all plus shares the region-by-region differences affecting each corner of the US housing market. From high inventory in the Southeast to the often overlooked real estate regions with massive demand, we’ll get into where money is moving and which states you should be most concerned about investing in. All that, and much more, in this BiggerNews housing market update!
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Hear Dave on The “On the Market” Podcast:
https://link.chtbl.com/OTM
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BiggerNews: Why Low Mortgage Rates Can’t Solve Our Affordability Crisis:
https://www.biggerpockets.com/blog/real-estate-951?utm_source=youtube&utm_medium=description&utm_campaign=none
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BiggerNews: Housing Inventory Up 24%, Are We Returning to “Normal”?
https://www.biggerpockets.com/blog/real-estate-925?utm_source=youtube&utm_medium=description&utm_campaign=none
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Homeowners Are Slashing Prices In This Popular Region—Is There a Golden Opportunity For Investors?
https://www.biggerpockets.com/blog/floridas-gulf-coast-homeowners-are-slashing-prices-according-to-report?utm_source=youtube&utm_medium=description&utm_campaign=none
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Watch Dave on the “On The Market” YouTube Channel:
https://www.youtube.com/channel/UCxDXuLvtjJ9Est8PrG3i2VA
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Connect with Dave:
BiggerPockets: https://www.biggerpockets.com/users/davem27?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @thedatadeli or https://www.instagram.com/thedatadeli/
Show notes at: https://link.chtbl.com/BPRE
00:00 Intro
02:11 Affordability at 40-Year Low
06:13 Inventory is Rising (Good News)
08:41 Home Sales Are Up…Kind Of
10:48 Rent and Home Prices Increase
15:04 Hot and Cold Housing Markets
21:51 What Investors MUST Know
26:42 How to Track the Housing Market
