Housing Market Trends in 2024

January 4, 2024

The housing market has been through a wild ride the past few years, not to mention the recession of 2008. For those looking to move out, downsize, relocate, get married, or upsize, you might be surprised to see what the housing market trends in 2024 have in store for you. 

New Construction Boom

Did you know that the demand for new construction homes surged in the last few months of 2023? A possible reason for this new construction boom in the United States is the lack of supply. Given that interest rates have increased since a few years ago, people are less willing to trade their current mortgage for one with a higher interest rate. Thus, there are less homes for sale. 

Another reason for the growth spurt in new construction popularity is its affordability. If you want a high-end home rather than a fixer-upper, buying a new construction property could be the best way to ease yourself into homeownership. Plus, new construction builders like Ameri-Star Homes are offering interest rate buydowns to lower your mortgage payment.  

Emphasis on Specific Home Amenities

Remote work continues to remain stable. According to Forbes, 12.7% of people are 100% remote employees, while 28.2% are hybrid workers. These statistics don’t mention how many others would love to work from home at least some of the time, too! 

With over a third of the population already working from home, new home designs will see the effect. People are more likely to want a home office and more amenities for living at home, like a home gym, outdoor living spaces, and multifunctional spaces. Moreover, people are more likely to want personalized homes, also known as customized homes, which are easiest to find in new construction builds. The upsides to turning to new construction are that your builder can offer you incentives, like paid-for closing costs and free upgrades, and you can build your home just the way you want it to be.

A Break from High Interest Rates

Many have suspected an economic crash over the last few years. While it is uncertain if there will be a crash, one can already see that the housing market is improving. In Maryland, the interest rate has come down by almost a whole percentage point in recent months in the  6% range. One of the best housing market trends in 2024 is that hope is on the horizon for homebuyers, whether they are moving now or later. See how Ameri-Star Homes can get you the best deal here.

Let Ameri-Star Homes Build Your New Custom Home!

Ameri-Star Homes was built on the idea that a home is not complete until the homeowner is 100% satisfied. That’s right, completely satisfied homeowners. Whether you want a home built on one of our home sites or on your own land, count on the same high quality from Ameri-Star. We have set out to exceed all your expectations of integrity, affordability, and customer satisfaction. Build lasting memories for years to come with Ameri-Star Homes. 

For more information, contact us today at 410-590-1000 or through our contact page. For more helpful custom home tips, keep in touch with us through Facebook, Twitter, LinkedIn, and Pinterest!