2024 Market Predictions

LUXURY MARKET

The luxury market, including homes priced over $1 million, will continue to be red hot. Lots of ALL CASH transactions in this price point!

MOVE-UP BUYER
The move-up buyer will do lots of research and need guidance through the buying and selling process. Move-up buyers are most likely to make a move if and when interest rates dip below 6%.

1ST-TIME BUYERS
1st-time buyers are still eager to jump in but are concerned and uncertain about interest rates AND market stability. Won’t make a move until they are confident they are making a good decision.

SHORT-TERM INVESTORS
Short-term investors will continue to take profits and consequently look for new opportunities to invest their gains. Long-term investors are anxious to purchase, but cautious.

RENTERS
Demand has stabilized and new apartments continue to be built. Supply is rising, and demand is slowing. In the Winston-Salem area, renting will be more affordable than it has been in the last several years.

SELLERS
In most markets, sellers are likely to see their homes take a little longer to go under contract, as cautious buyers continue to consider making a move. Accurately pricing a home is still the #1 most important factor in selling!
As long as uncertainty remains high, the real estate market will remain stagnant. Once consumers have confidence that rates have stabilized, buyers and sellers will return to the market.