Hot Off The Press: June 2024 Real Estate Market Trends!

Welcome back to another real estate market update! In this video, we dive into the latest trends and insights shaping the housing market as we enter June 2024.
📈 Key Highlights:
High Demand & Low Supply: The housing market continues to experience high demand and low supply, pushing median home prices to $433,000 as of April 2024. Many homeowners who purchased at lower interest rates find their current homes unaffordable at today's prices.
Rising Interest Rates: With interest rates hovering around 7%, homeowners are reluctant to sell, preferring to rent out their properties instead. This trend is driving up rental demand across major cities like Atlanta, Dallas, and Denver.
Foreclosure Market: Unlike the 2008 crisis, we are not seeing a flood of foreclosures. This stability is helping to maintain high property prices.
Rental Market Normalization: The market has normalized after a significant surge in rental demand in 2021 and 2022. However, properties priced correctly and in good condition continue to rent out quickly.
📌 Stay Connected:
If you need any assistance or have questions about the real estate market, don't hesitate to reach out to us at Everest. We’re here to help you navigate these challenging times!
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A historical paradigm change happened after the pandemic. Nothing is going to be the same in the housing market. With the influx of additional migrants incoming, a significant population is now out house-buying equation forever.