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By Jeff Roth
What Can We Expect For the Saline Real Estate Market in 2024?
More inventory for sale, more days on market than last year, pressure on price appreciation, and interest rates about the same.
Regardless of what data source you use, new listings are up in the Saline School District compared to this time last year and by double digit percentages.
This increase in new listings is causing days on market to climb from this time last year.
The result of new listings also means median sales prices for both single-family residences and condominiums are lower compared to this time last year.
Finally, interest rates will remain about the same this year as they were last year with some slightly lower rates possible later in the year.
What is Happening with New Listings in Saline?
As you drive around Saline, you certainly can see many new properties being built and the early buds of the spring housing market coming to life with new listings.
This is a welcome sign as we have suffered through a trend of historically low inventory so any improvement will provide more options for buyers.
It is hard to say what caused the bump in new inventory back in October but there was a lot of hype around that time about interest rates falling and the Federal Reserve Bank cutting rates which never materialized.
What is Happening to Days on Market as a Result of Increased Listings?
We would expect as more new listings come to market the increased supply of properties for sale would cause the number of days to sell to increase which is exactly what we are seeing at the start of 2024.
How Does an Increase in Inventory Affect Sales Prices?
Median Sales prices are lower at the start of 2024 than they were at the start of 2023.
What Can We Expect With Interest Rates for 2024?
Everyone hoped rates would be trending down at the start of the year but they are basically the same as last year for 30-year fixed rate mortgages.
Many forecast slightly lower rates at the end of the year but that trend remains to be seen.
Bottomline For The Real Estate Market in Saline for 2024
We can expect more new listings causing days on market to be greater than last year putting pressure on price appreciation and elevated interest rates not helping.
Hopefully, we will see interest rates drop, as forecasted, by the end of the year.
To Your Success!
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