As we enter the first days post 2024 Presidential election, you might be wondering how this year’s election cycle will impact the housing market. Let’s take a closer look at the trends and what you can expect.
Election Years Often Bring a Temporary Slowdown
While it’s common for the housing market to experience a slight slowdown in the fall, election years often see a larger dip. Why? The uncertainty surrounding elections tends to cause hesitation among buyers and sellers alike. Many consumers hold off on making significant decisions—like buying or selling a home—until the election results are in. In fact, a recent Redfin survey revealed that 23% of first-time homebuyers are planning to wait until after the election to make a purchase.
A Strong Bounce Back After the Election
Here’s the good news: these delays in sales are typically just temporary. Historically, the housing market rebounds after the election as confidence returns. In fact, in 82% of cases, home sales have seen an increase in the year following an election. Once the dust settles and the uncertainty fades, buyers and sellers are more inclined to move forward with their plans.
What to Expect in 2025
Looking ahead to 2025, experts are predicting a more robust market. Based on current forecasts, home sales are expected to reach 5.2 million next year, up from 4.6 million in 2024. This is a typical post-election pattern, where market confidence grows once the election has passed, leading to increased activity.
Bottom Line
While the 2024 housing market might experience a short-term slowdown due to election-related uncertainty, it’s important to know that these dips are often followed by a rebound. If you’re waiting for a clearer picture, rest assured the market should pick up momentum in the months ahead, making 2025 a great time for buyers and sellers alike.
Want to know more about local market conditions and how they may affect your plans to buy or sell a home? Contact the team at Lindsey Harn Group today for a no obligation consultation.