What will 2024 Bring to the Raleigh Area Real Estate Market

Good News!

2024 reports will not appear so negative, YoY sales will be compared to a lousy 2023 so numbers will not look bad! I say this with a smile because that is how people will see it "oh sales are up!".

The great news for real estate firms is that revenue numbers will increase or at the very least stop decreasing. Based on contracts written in November the Gross Commission Income (GCI) will be up YoY for the first time in over a year. After an average YOY decline in Wake County of $6,148,863.00 a month in GCI for 2023, it will start increase in 2024 due to flat sales and continuing increases in sales price.

Average sales price has increased in 5.34% in Wake County YTD 2024 vs. same period 2023 (my model predicted 7% for the year 😉). In 2024 the average price will increase 7-8%. 

This increase is based on two things: 

New construction prices will continue to escalate, taking with them low end homes (dirt) in hot areas like DT (-ish) Raleigh, Cary and Apex. Existing homes in desirable neighborhoods (Golf Course, Walkable) will also ride along. Wake county is still a low cost option at the top end of the national market and Raleigh has top end amenities and convenience. Top end average price ($800+) will increase 8-9%

Homes priced below average will rise as mortgage rates soften,( incumbent party seeking re-election + economic data). Also see above + real estate in quality markets will continue to be a sound investment. There is a lot of pent up demand in first time buyer and downsizing pools.