Navigating the 2024 Housing Market

Hey everyone! Can we all agree that the housing market has been a bit of a rollercoaster lately? Now that we're in the second half of 2024, let's dive into what the experts are saying about the housing market, especially in the North Atlanta Suburbs and Cherokee County. I'm Bonnie Lelak with eXp Realty.

Current National Trends:

So, what's going on with housing around the country? According to the National Association of Realtors, home prices keep climbing because inventory is lower than usual. As of May this year, the median U.S. home sale price is $407,600, which is up 5% from this time last year. Inventory remains tight, with just 3.5 months of supply on the market, meaning it's still pretty much a seller's market. Nationally, homes are staying on the market for an average of 26 days. First-time buyers have been active, making up 33% of sales. We're also seeing more cash buyers, likely due to the higher mortgage rates, representing 28% of all transactions this spring. Buyers looking for second homes or investments have dipped slightly, and distressed sales or foreclosures only make up 2% of sales. This shows that most homeowners have built up equity and aren't in a rush to sell.

Regional Breakdown:

Let's break it down regionally:

• Northeast: Sales are down 3% year over year.

• West: Sales are up 1.3% from last year, with a 9.3% spike in the median home price since May 2023.

• South: Existing home sales are down 3.1% from the prior year, but the median price is up 3.7%.

• Midwest: The smallest decline in sales, down just 1% year over year, with home prices up 6% from last year.

Local Insights:

Remember, these are national trends, and local markets can vary a lot. It's always best to chat with a local expert who knows the specifics about pricing, days on market, and inventory levels in your area.

Get Local Data:

If you want more info on the current inventory and prices in the North Atlanta Suburbs, especially in Cherokee County, reach out to my team and me. Thinking about buying or selling a home but don't know where to start? Just DM me, call or text me at 404.788.2580. We'll direct you to our comprehensive virtual seminars. It's your first step towards making informed, confident decisions!

We're here to help you strategize your next move and make home buying a reality for you. I’m Bonnie Lelak, with the Lelak Real Estate Team and eXp Realty. And remember, we love bringing people and homes together.