Market Update January 2, 2024

Real Estate Trends 2024: What’s on the Horizon

With another year in the rearview, the question on everyone’s mind at this time of year is what will come in the months ahead. In 2023, we continued to see evolution in the real estate market with technological advancements, making both buying and selling more flexible than ever before. We saw home decor trends come and go and watched as smart home tech became more commonplace. So, what trends are we keeping an eye on for real estate in 2024?

 

Virtual Real Estate Tours: The New Normal

While virtual real estate tours are not new, they quickly become a staple in buying and selling homes. The COVID-19 pandemic stressed to us the importance of creating accessibility in real estate, and further advancements in both virtual and augmented reality technology have only continued to revolutionize how buyers experience homes for sale.

In 2024, virtual real estate tours are primed to become the new norm for many listings. Buyers can preview a home from the comfort of their couch—more effectively than with pictures alone—before moving forward with in-person showings. This also benefits the sellers, saving them from unnecessary showings by better filtering the most serious potential buyers.

 

Smart Home Technologies for All

Though it felt like a distant dream years ago watching The Jetsons on the couch, smart home technology is more available than ever. With devices becoming more readily accessible at multiple price points, smart home living isn’t just becoming commonplace but integral to the modern lifestyle.

Homebuyers in 2024 are now actively seeking properties with advanced automation features, such as smart thermostats, security systems, and energy-efficient appliances. These innovations enhance convenience, contribute to sustainability, and even save them money in the long run.

 

Environmentally-Conscious Living

Sustainability is no longer just a buzzword but a fundamental criterion in real estate. Green building materials, energy-efficient designs, and eco-friendly amenities are increasingly sought-after by both buyers and investors. This has become especially true with government initiatives and tax rebates, making green homes more and more enticing. As environmental awareness only continues to grow in 2024, many developers are now incorporating sustainable practices into their building processes.

 

Decentralization: The Resurgence of Suburbia

The allure of urban living is waning as more people prioritize space, affordability, and connection to nature. In 2024, we anticipate more interest in suburban and rural real estate, driven by remote work and a stronger desire for work-life balance.

 

Affordable Housing initiatives

Rarely can you turn on the news and not hear a story about housing and affordability. A rising crisis as inflation continues to stress our economy, we anticipate addressing this need to become a key focus in 2024 real estate. Collaborations between governments, developers, and non-profits are already underway to strategize innovative solutions for affordable housing. I anticipate more discussion around these efforts to make homeownership more affordable for more people in the coming months.

 

Real estate in 2024 is looking to be a dynamic market filled with innovation and flexibility. As we continue to evolve, embracing these trends helps us stay ahead of the curve and contribute to reshaping the future of real estate. Whether you’re a buyer, seller, or investor, keeping an eye on these trends will help you confidently navigate the real estate market.