Team Land-de Wilde of Coldwell Banker St. Croix Realty shares their 3 real estate predictions for 2024:
1. Home values will remain the same
We made this prediction because the supply for homes is still fairly low, specifically in certain areas and price segments of the market. We’ve received an influx of Buyer demand over the past couple months and anticipate many of these buyers to purchase the first half of 2024.
2. Condo values will decrease, but certain complexes will hold value
This is our prediction, because there are over 60 condos on the market, and not as many complexes can be financed. In 2021 and 2022, When records were being broken with sales prices, we were consistently steady around 20 to 30 active condos on the market, sometimes even below 20. Also, many more complexes were able to get financing.
3. A slight increase in the total sales volume.
We’re starting to see more supply priced correctly for today’s market, along with an increase in Buyer demand, which is still outweighing the supply.
“We made this prediction because in 2023 there was a major lack of inventory, and a drop in demand. Also, many properties were priced above historical values and buyers weren’t willing to pay above values from 2021 and 2022. We are starting to see price drops to bring these properties down to market value and great properties coming on the market at good prices that is acceptable to the market aka buyers. Oh, and some other exciting news, interest rates are dropping AND insurance has more policies.” — Team Land-de Wilde