Media Area and West Chester Areas: 2024 Forecast

What is Going to Happen in 2024?

As we edge closer to 2024, the question on everyone’s mind in the Media Area and West Chester is: What does the housing market hold in store for us? With a year that’s been full of uncertainties, it’s more crucial than ever to arm yourself with knowledge directly from the experts. The upcoming year presents opportunities that might just sway in your favor, and here’s the lowdown on why.

Continued Growth in Home Values Expected The buzz around the Media Area and West Chester housing markets is palpable as predictions from top industry bodies like Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors point towards a positive trend. The forecast? A robust 2.8% growth in home prices as we close this year, with an additional 1.5% increase by the end of 2024. Contrary to the doomsayers’ predictions of a price crash, the reality paints a far rosier picture. The simple principle of supply and demand has kept the prices afloat due to a persistent inventory shortage against a backdrop of eager buyers. For proof, just consider these:

In the Media Area (Wallingford Swarthmore, Rose Tree Media, Radnor, Garnet Valley) the average annual value increase from 2014 through 2023 has been 5.7%. Actual values went from $429,900 to $705,000.

West Chester Area (West Chester, Downingtown, Great Valley,  the average annual value increase from for the last two years has been 8.7% and 7.7% . Actual values went from $579,000 to $682,000

A Closer Look at Sales Trends for 2024 The current year has been slow in terms of home sales, down about 40% in both areas. But the projections for 2024 hint at an increase, albeit modest. This anticipated rise in sales bodes well for the local real estate landscape, offering an even more solid foundation for buyers and sellers in the Media Area and West Chester. Life’s constants—new jobs, expanding families, and other pivotal moments—drive people to move, keeping the market buoyant.

The Big Picture for Buyers and Sellers Whether you’re considering purchasing a new abode or putting your property on the market, understanding these forecasts can significantly impact your decision-making process. A more active market awaits in 2024, potentially energized further by decreasing mortgage rates. Recent rising price trends are predicted to continue in both areas, reassuring buyers that the value of their purchase will continue to increase and reassuring sellers that they will be able to sell their house quickly for a price that will make them happy.

here is what you need to do to make the right decision for you

• Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
• Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do.
• It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
• Let’s connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to john@johnherreid.com
• Do I think that now is a good time to buy that first house or to sell and make that move up buy?  Again, absolutely yes.
• To get a quick update of what is new in real estate, click here to check out our new videos.
• Interested in what recent clients think of my service? Click here to read what they say.
• Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
• No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
• If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
• One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
• There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
• There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect on Zoom, in person or on the phone at 484 574 4088.