Breaking News! The real estate market is changing! Home Sellers and Home Buyers! Are you curious to know the latest housing market stats now that we are in 2024?
Hi, I’m Tanja Odzak, eXp Realty, and I help people sell and buy homes right here in the East Bay.
Let’s break down the latest stats from the National Association of Realtors end of 2023 report. According to NAR’s chief economist Lawrence Yun, 4.71 million existing homes will sell nationwide in 2024, which would be up 13.5% from 2023. The median home price is expected to reach $389,500 an increase of 0.9% over last year. Foreclosures will continue to remain low in 2024 and housing inventory is expected to rise around 30% as more sellers begin to list their properties. Mortgage rates are expected to come down from the high rates of 2023, and hover around 5 to 6 percent for a 30-year fixed mortgage.
This is great news for buyers who have been on the fence and waiting for an increase in inventory and lower mortgage rates. Yun also predicts the demand for housing will recover nationwide, especially in the markets with the most pent-up housing demand. Like the West Coast! it will continue to recover with more inventory and lower mortgage rates. This is all exciting news!!
Of course, these are blanket predictions and every market is specific to the demand. It’s best to consult with me, your East Bay Real Estate Expert, to discuss what’s happening in our market. So call me! and let’s talk about it. I’m a seasoned East Bay expert with a 5-Star rating. I’ll help you navigate the market and make it happen, whether that’s selling or buying or both!
And if you’re selling, ask me about my home selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms do apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?