How Did the 2024 Presidential Election Impact Real Estate?

How Did the 2024 Presidential Election Impact Real Estate?

With the presidential election now behind us, many of you might be wondering how it has influenced the real estate market. Elections often bring a mix of uncertainty and anticipation, especially when real estate is a key topic of discussion. Here’s a breakdown of how the market has responded and what trends we can expect moving forward.

Home Sales: A Temporary Dip

As anticipated, the weeks leading up to the election saw a slight slowdown in home sales. Historically, November of an election year tends to be quieter, as people focus on the outcome and delay big decisions.

The good news? Any hesitation seems to have been short-lived. Past trends show that home sales typically bounce back in December, and early indicators suggest this year will follow suit. Looking ahead, home sales are likely to gain momentum as the market moves into 2025.

Home Prices Remain Strong

Homeowners concerned about declining property values can breathe a sigh of relief. Historical data shows that home prices typically rise year-over-year, even in election years. This year has been no different, with prices holding steady or increasing in most areas.

After seven of the last eight presidential elections, home prices rose the following year, and we expect this trend to continue. Today’s market dynamics, including strong demand and limited inventory, support stable or growing home values.

Mortgage Rates: Stabilizing After the Election

One of the biggest questions following the election has been about mortgage rates. Leading up to the election, rates showed signs of easing, a trend seen in many past election years. While experts predict rates will stabilize, the potential for slight declines could provide an opportunity for buyers to enter the market or refinance.

The Bottom Line

The 2024 election brought its share of uncertainties, but its impact on real estate has been minimal. The market remains resilient, with strong fundamentals supporting home sales and prices. If you’ve been considering buying or selling, now could be a great time to make your move.

Have questions about how the current market conditions might affect your plans? Let’s talk! Whether you're looking to buy, sell, or invest, I’m here to help guide you every step of the way.