After a challenging 2023 ended for both buyers and sellers, we are happy to report that so far 2024 is shaping up to be a completely different market. While interest rates are still giving some buyers pause, the stability in the rates and expected cuts by the Fed later this year have sellers and buyers feeling a little more confident. We are starting to see more properties for sale, and the increase in inventory is definitely a plus for buyers. Some of the inventory comes from investment properties and investors are making adjustments to their portfolios, as well as from individual sellers who had been waiting for the Spring market to make their moves.
Prices stabilize as the number of buyers and sellers reach a greater balance, but prices are still continuing to inch up in certain regions, while others are seeing pricing pressure. For instance, Paradise Valley, which saw a dramatic increase in values over the last three years has seen prices deflate and time on market increase, while other areas, like Scottsdale, have seen increases in prices and inventory, and time on market is decreasing. The resilience of home prices in the more moderately priced areas is indicative of the continued strength of buyer demand, especially among Millenials.
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: 7445 E Eagle Crest Drive 1142, Mesa, AZ 85207
