After a tumultuous 2023, both buyers and sellers can breathe a sigh of relief as 2024 presents a significantly altered market landscape. Though lingering concerns about interest rates persist for some buyers, the steadiness in rates and anticipated Federal Reserve cuts later in the year are instilling newfound confidence among both parties. The uptick in available properties is particularly encouraging for buyers, with the surge in inventory stemming from various sources. This includes adjustments made by investors to their portfolios and individual sellers seizing the opportunity presented by the burgeoning Spring market to make their long-awaited moves.
As the equilibrium between buyers and sellers becomes more pronounced, prices in the real estate market are showing signs of stabilization. However, this does not imply a universal trend, as certain regions are still witnessing incremental price hikes while others face pricing pressures. Notably, Paradise Valley, which experienced a remarkable surge in property values over the past three years, is now witnessing a downturn with prices deflating and time on the market lengthening. Conversely, areas like Scottsdale are experiencing price hikes and a surge in inventory, leading to a decrease in time on the market. The resilience observed in home prices within more moderately priced areas underscores the enduring strength of buyer demand, particularly among Millennials.
We'll continue to watch as 2024 develops. It should be an interesting year!
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We are here to help! If you want to find out how much your home is worth in this strong market, email me at [email protected]. We would be happy to help you determine if the time is right for you to sell your home or buy a new home.
Featured Listing: 27440 N Alma School Parkway, Unit 113
