Jan. 17, 2024
Trends for 2024 in Southeastern Ohio
· Moderate growth: Prices are expected to continue increasing but at a slower pace compared to the national average. Home values rose 7.3% in October 2023 compared to the same month the previous year, suggesting a potential slowdown in appreciation.
· Lower inventory: Housing supply remains limited, potentially fueling competition and keeping prices stable. While inventory levels are slowly rising, they still haven't reached pre-pandemic levels.
· Mixed impact of interest rates: Higher interest rates might cool buyer demand, but could also attract investors seeking alternative assets. The recent slight decrease in rates might offer some relief to potential buyers.
Factors to consider:
· Location: Specific city and county data within Southeastern Ohio will provide a more accurate picture. Different areas might experience varying levels of growth and activity.
· Housing type: Demand for specific property types (e.g., starter homes, luxury properties) could differ, impacting market segments differently.
· Economic factors: Local job markets, wages, and overall economic health can influence buyer confidence and demand.
· Balanced market: If inventory increases slightly and buyer demand remains steady, the market could see stable growth without major price fluctuations.
· Buyer's market: If interest rates continue to rise significantly, buyer demand could decrease, leading to a more favorable market for buyers with potentially slower price appreciation.
· Seller's market: Continued low inventory levels coupled with sustained buyer demand could maintain a seller's market with consistent price increases, especially for desirable properties.
· Consult with one of our Real Estate Professionals: They can provide specific insights and expertise on the micro-market you're interested in.
· Stay informed on market trends: Monitor key indicators like inventory levels, average sale prices, and days on the market to make informed decisions.
· Consider your individual needs and goals: Whether you're buying, selling, or investing, prioritize your specific objectives and tailor your strategies accordingly.
Remember, these are general predictions, and individual circumstances can vary. However, by understanding the overall trends and local factors, you can make informed decisions about navigating the Southeastern Ohio real estate market.
I hope this information provides a helpful starting point for your research!