2024 Real Estate Trend Predictions: Charting the Course for US and Long Island Housing
Crystal balls might be blurry, but we can still squint towards 2024 and make some educated guesses about the housing market. 2023 was a wild ride, with soaring mortgage rates, surging prices, and inventory that resembled a magician’s disappearing act. But as we peek into the next year, what does the crystal ball show for the US and, closer to home, Long Island? Buckle up, future-casting friends, because we’re about to take a deep dive into the 2024 real estate trends!
US Housing Market 2024: Buckle Up for a Scenic Route, Not a Rollercoaster
-
Moderation Mantra: The breakneck pace of 2023 is expected to ease into a gentler tango. Experts predict a slight price decline (potentially around 1.7% on average) nationally, offering hope to affordability-challenged buyers. (Source: Zillow)
-
Mortgage Rate Maze: Buckle up for a rollercoaster ride. While rates dipped recently, their 2024 trajectory remains a mystery. If they continue to decline, homebuying activity could pick up steam. If they climb, prepare for another round of buyer trepidation.
-
Inventory Inching Upward: The chronic shortage of homes for sale might finally ease slightly, potentially reaching around 4 months’ supply nationally. This could create a more balanced market, giving buyers a little more breathing room.
Long Island Real Estate: A Localized Look through the National Lens
-
Local Lookalike: National trends will likely echo on Long Island, but with some island-specific variations. Expect price stabilization with potential for modest adjustments depending on neighborhood and property type. Waterfront properties and those near bustling downtowns are likely to stay in high demand.
- Island Affordability: While price stabilization is welcome news, Long Island housing costs remain above the national average. However, there are promising signs for budget-conscious buyers. The increasing availability of multi-family units, particularly in Nassau County, could offer more entry-level options. Additionally, Suffolk County’s continued development of single-family homes in more affordable areas presents opportunities for those seeking a suburban lifestyle without breaking the bank. By strategically focusing on these emerging pockets of affordability, buyers can still find their dream home on Long Island in 2024.
-
Rental Renaissance: Renting remains an attractive option, especially for young adults. Rents might see a slight decrease (around 2-3%) due to increased multi-family supply, making Long Island an even more appealing rental destination. (Source: NMHC)
Nassau-Suffolk Nuances: Keep in mind that the two counties of Long Island, Nassau and Suffolk, can have slightly different market dynamics. Nassau, with its higher density and proximity to NYC, might see slightly slower price growth compared to Suffolk’s more suburban areas.
Ready to Navigate the 2024 Market?
Whether you’re a buyer eyeing your dream home in Huntington, a seller considering capitalizing on the market in Garden City, or simply a curious onlooker, 2024 promises to be an intriguing year for Long Island real estate. Stay informed, keep your options flexible, and most importantly, partner with a trusted Long Island realtor who can guide you through the evolving landscape. We at NextMove, eXp Realty are your local experts, ready to help you make informed decisions and achieve your real estate goals in 2024 and beyond.
Written By: Ronald Opara, Realtor ®
Licensed Realtor: NY, MA, CT, RI, GA
——————————————
