As we navigate the complex terrain of the 2024 housing market, it’s essential to have our compasses pointed in the right direction. To provide you with some guidance, I’d like to delve deeper into the key indicators that I’m closely monitoring to assess the health of the market.
First on the list is the ever-impactful interest rate. Should interest rates decrease, we’re likely to witness a resurgence of homebuyers entering the market. This, in turn, could have a substantial impact on the market’s dynamics.
Next, let’s talk about “Days on Market” (DOM). This metric measures the average number of days it takes for a property to sell. If this number starts to stretch, it might be a sign of a shifting market. Traditionally, if a fairly priced home sells within a 90-day window, it’s still considered a seller’s market. So, keep an eye on DOM figures in your local market.
Lastly, inventory levels are a critical piece of the puzzle. If the housing inventory begins to accumulate and inches toward a six-month supply, that’s when we might see a noticeable shift in market dynamics. A healthy balance between supply and demand is the foundation of a stable market.
In conclusion, while predicting the future of the real estate market isn’t an exact science, keeping a vigilant eye on these key indicators can help us stay ahead of the curve. Remember that real estate is a dynamic arena, and the market can evolve rapidly. By staying informed and adapting to changing conditions, we can navigate the 2024 housing market with confidence.
Looking to buy or sell a home in San Luis Obispo County? Contact Lindsey Harn Group at 805.441.7744 to discuss your next move.