Spring 2024 Housing Market Outlook
Spring 2024 Housing Market Outlook | 1 |
Housing Market Trends | 2 |
In 2023, U.S. home sales were at their lowest level since 1995 | 3 |
Why were there so few home sales last year? | 4 |
Why were there so few home sales last year? | 5 |
Bright MLS Service Area | 6 |
Sales surged in the Del/Mar Coastal Region in 2020 and 2021 | 7 |
Home prices spiked during the pandemic housing market | 8 |
Prices up much faster in the Del/Mar Coastal region than in the rest of the country | 9 |
Condo prices are starting to level out Prices of single-family homes still rising briskly | 10 |
Cash sales on the rise as interest rates remain elevated | 11 |
Low inventory continues to be a constraint on the market | 12 |
Inventory is severely limited across price levels and markets Except at the very high end | 13 |
New listings higher than a year ago across the Del/Mar Coastal Region | 14 |
Number of new condo listings much higher than last year | 15 |
Sussex County has more single-family listings coming onto the market | 16 |
Single-family construction strong in Sussex County Number of permits for new SF homes comparable to 2004 | 17 |
Inventory gains more of a balanced market in the Del/Mar Coastal Region | 18 |
Outlook | 19 |
Weekly Snapshot | 20 |
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Slide Number 25 | 25 |
Sellers are still out there despite the “rate lock” storyline | 26 |
Slide Number 27 | 27 |
Back to Basics What Drives the Housing Market? | 28 |
Housing Market Outlook | 29 |
Housing Market Outlook | 30 |
Housing Market Outlook | 31 |
Housing Market Outlook | 32 |
Housing Market Outlook | 33 |
Risks in the market? Some things to watch in 2024 | 34 |
Resources brightmls.com/research | 35 |
Need more information? Contact us! | 36 |
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