Real Estate Market Today: November 2024 (Housing Market Predictions, Election Cycle, & More)

by Robert O'Keefe

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Robert O'Keefe - ROK Realty Group

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🏡 ROK Report: November 2024 - Election Year Insights!

🗳️✨ Hey ROK Realty Family! Welcome to the latest episode of the ROK Report for November 2024! 📊 Whether you’re buying, selling, or just keeping an eye on the real estate market, we’ve got some fascinating insights for you during this election year.

🔑 Here are 5 Key Takeaways:

🏠 Stabilizing Sales: Sales of existing homes have cooled slightly as buyers navigate mortgage rates and affordability challenges. Despite this, sales have held steady over the past year.

📉 Trending Mortgage Rates: Mortgage rates are a bit lower than last year, trending in the high 6% range. This might make the market a bit more favorable for buyers in the coming months.

🗳️ Election Impact on Sales: During election years, home sales usually dip slightly as people "wait and see," but they typically rebound by December, with strong sales the following year.

💹 Resilient Home Prices: Even in election years, home prices tend to rise. In fact, prices increased after 7 of the last 8 election cycles!

📉 Steady Decline in Mortgage Rates: Historically, mortgage rates drop from July to November in election years, making homes more affordable for buyers—2024 seems to be following this trend.

🎉 Fun Fact: Did you know that after 9 of the last 11 elections, home sales rebounded by December and stayed strong the following year? The real estate market always finds a way to bounce back!

👋 Outro: We hope you found these insights helpful! Remember, while election years bring some uncertainty, the real estate market remains resilient. Keep your real estate goals in sight, and the rest will fall into place.

📢 Call to Action: Have questions? We’re here to help! Drop us a comment or reach out if you want to discuss your real estate plans. Let’s start planning for the exciting times ahead!

Thanks for watching, and stay tuned for next month’s report!

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