Home Prices
November 2024 Real Estate Market Insights: Calm Amid Uncertainty
As we step into November, it's astonishing to think how quickly the year has flown by. With election day behind us and the holiday season in full swing, conversations about the real estate market are bound to emerge at family gatherings, community events, and celebrations. Whether it’s Thanksgiving dinner or a casual holiday party, one thing is certain: real estate remains a hot topic, and questions about market conditions, mortgage rates, and future predictions are on everyone’s minds.
At Avant ONE Real Estate, we’re dedicated to providing clarity, confidence, and facts to empower our clients and community. In this month’s market update, I’ll share answers to some of the most pressing questions I’ve been hearing, supported by expert insights. Let’s dive into what’s shaping the housing market as we approach year-end and prepare for what lies ahead
.
The Burning Question: Will Mortgage Rates Come Down?
Mortgage rates have been a rollercoaster this year, and many are eager to know when relief might arrive. According to industry experts, the trajectory of rates hinges on three key factors:
Projections suggest a more favorable mortgage environment in 2025, creating opportunities for buyers who’ve been on the sidelines. A survey from Bright MLS revealed that over 70% of potential buyers paused their home search due to affordability concerns. As rates begin to ease, we anticipate a wave of renewed activity in the market.
What Will It Take for Prices to Come Down?
Real estate prices are driven by supply and demand. Over the past 15 years, the U.S. has faced a significant housing shortage due to underbuilding after the 2008 financial crisis. While mortgage rates played a role in driving prices up during the pandemic, the underlying issue is insufficient inventory. Builders have been cautious, focusing on steady, sustainable growth rather than overbuilding.
Looking ahead, forecasters predict modest price appreciation of 2.5% to 4% in 2025. This steady growth reflects a return to a healthier, more balanced market—a welcome shift from the unsustainable price surges of recent years.
Can Buyers Find Homes in Today’s Market?
The short answer is yes, but with nuances. Inventory is slowly increasing, with Realtor.com reporting a 29.2% annual growth in active listings as of October. This marks the highest inventory levels since December 2019.
However, competition remains fierce for well-priced homes. If you’re considering buying or selling, staying informed about your local market is critical. At Avant ONE, we pride ourselves on having the “command and control” of hyper-local data to guide our clients through every step of their journey.
Is the Housing Market Going to Crash?
This question often stems from memories of the 2008 housing crisis, but today’s market conditions are vastly different. Back then, excessive mortgage debt exceeded equity, leading to widespread defaults. Fast forward to 2024, and the story has changed. Here’s why:
Simply put, the market is resilient. While prices may adjust in some areas, the foundation of today’s housing market is strong, offering a stark contrast to the vulnerabilities of 2008.
What Should We Expect in 2025?
Here’s what experts are forecasting for next year:
Be the Ship, Not the Ocean
Navigating today’s market requires calmness, clarity, and confidence—qualities we bring to every client interaction at Avant ONE Real Estate. A poignant story shared by an industry mentor serves as a fitting metaphor: life, much like the ocean, can be unpredictable with its highs and lows. But as the ship navigating through it, we have the ability to stay steady, focused, and purposeful.
As we prepare for the holiday season, my message to you is this: Lean on facts, seek expert guidance, and approach real estate decisions with confidence. Whether you’re buying, selling, or simply exploring your options, our team is here to provide the insights, strategies, and support you need to achieve your goals.
At Avant ONE, we don’t just do real estate differently—we do it with your success in mind. Let’s end the year strong and look forward to exciting opportunities in 2025.
Ready to discuss your plans? Contact us today and let’s chart the best course for your real estate journey.
Stay up to date on the latest real estate trends.
Mortgage Rates, Home Prices, and Market Predictions—Expert Insights to Help You Navigate the Real Estate Market with Confidence
How Homeownership in Greater Ventura County Can Build Your Net Worth
How the Fed’s Latest Moves Could Impact Homebuyers, Sellers, and the Market in 2024
Breaking the usual seasonal trend, more homeowners in Westlake Village, Thousand Oaks, and beyond are listing their homes as mortgage rates dip. Here’s what it means f… Read more
Leverage Your Equity and Take Advantage of Lower Mortgage Rates to Make Your Move in Westlake Village, Thousand Oaks, and Beyond
Explore How Market Shifts are Making Homeownership a Smart Choice in Budget-Friendly Cities and Beyond
Frustrated with an expired listing? Discover the key factors that may have held your home back and the strategies to get it sold fast.
More Buyers, Lower Rates: How a Shifting Market Can Benefit You as a Seller
Discover How Low Housing Inventory and High Demand Create Unique Selling Opportunities in Ventura County and Conejo Valley
You’ve got questions and we can’t wait to answer them.