After a year or so of relative stagnation in the housing market, 2024 looks to be picking up the slack with the optimism of lowering interest rates.
If you are looking to buy or sell in 2024, paying attention to yearly and seasonal real estate trends, such as educating yourself on buying or selling a home in winter, will help you to stand out and secure your future home quicker and easier.
These are the eight major real estate trends for 2024 that realtors want you to be aware of and why they will impact your property shopping.
Real Estate Trends 2024
Paying attention to these trends will do more for selling your home than quick renovation projects that will add value to your home (even though these certainly help). Using these eight trends to your advantage will help you to stand out in the market – here’s why.
1. A desire for aerial views
With so many homes flooding the market as interest rates fluctuate, homes will need to do more to stand out from the rest – and it's not just about adding the home features house buyers want anymore. John Forberger, licensed agent at Douglas Elliman, suggests that drone footage of both the interiors and exteriors of your property will help to impress buyers:
‘Interior and exterior drone footage gives homebuyers a true understanding of lot size, interior layouts, the distance between rooms, ceiling height, decor, and much more,’ he explains. ‘Many small companies and even college students capture alluring drone footage, making this a simple feat to achieve for any seller.’
2. Increased interest in sustainable properties
'Sustainable homes with significant eco-home improvements will also enter the spotlight in 2024, especially as climate change and rising fuel prices contribute to everyday uncertainty,' says Chelsea Werner, licensed real estate salesperson at Compass.
‘Homes designed for energy efficiency not only attract environmentally aware buyers but also promise substantial financial savings over time,’ she explains. ‘It also helps buyers with certain tax breaks and makes it more attractive for resale value.’
Anything from eco-heating to solar panels will be enough to help persuade buyers to your side.
3. Closed floor plans
'Although not a new trend for 2024, broken-plan homes and cozier, closed-off rooms are still a big selling point for properties this year as open-plan layouts continue to devalue homes,' explains Lisa Simonsen, luxury real estate agent with Douglas Elliman. ‘We are continuing to see buyers moving away from open-concept floor plans. In particular, buyers are less interested in kitchens that open directly into a formal living room.’
4. More unique home staging
Staging a house to sell has historically been about stripping personality from the space to present the prospective buyers with a blank slate to imagine their lives and furniture. However, buyers (and brokers) are gravitating toward more unique, well-curated staging, continues Lisa Simonsen, luxury real estate agent:
‘Boring greige and white staging feels tired and uninspired. A unique home should have tasteful staging that complements the home's character. At the high end of the market, staging will include well-known designer furnishings, archival pieces, and real artwork.’
5. Integrated smart home technology
'Just as eco-home improvements are seeing an increase in interest, smart home must-haves will be driving sales in the new year,' reveals Liz Hogan, executive director of luxury estates at Compass Real Estate. Anything that will make everyday life a little easier and more relaxed:
‘Smart home features such as integrated security systems, speaker systems, home automation, etc. are features buyers in today's market typically have as part of their criteria when shopping for homes,’ Liz shares. ‘I believe that this trend will only become more relevant as time progresses and will revolutionize the standard for the kinds of amenities homes will include and what buyers look for.
‘Implementing smart home technology will benefit both the buyer and seller because the buyer will be buying a property that already has the smart home technology installed around the property, and the seller gets to charge a "premium" in the price for already including that amenity as part of the property.’
Built-in hub to voice control compatible lights, locks, and sensors. Easily set up compatible Zigbee and Matter devices or select Ring Smart Lighting solar lights and bulbs.
These Govee smart light bulbs feature a huge range of DIY colors. Sync them up to a phone or smart device to change your lighting in time to your music or with simple voice commands.
This video doorbell is equipped with enhanced features that let you see, hear, and speak to anyone from your phone, tablet, or PC.
6. Homes with wellness spaces
Another quality of life upgrade that makes any property more appealing in 2024 is wellness in design. Think home gyms, saunas, and plunge pools, shares Lisa Simonsen, luxury real estate agent. ‘These are the new "amenity status symbols”,’ she explains.
If you are looking to improve the quality of wellness spaces in your home, something as simple as a spa bathroom can make an impact on a buyer.
7. More emphasis on digital viewings
One trend still clinging on from the pandemic is the convenience of virtual viewings. In 2024, however, these will take on a new form with the use of virtual reality and augmented reality (AR) technologies, Keith Sant, realtor, founder, and CEO of Kind House Buyers claims.
‘In the real estate industry, these technologies are expected to change how buyers experience properties. With VR, potential buyers can virtually tour a property right from their couch. This saves time and effort for both buyers and sellers and lets buyers get a feel for the space without physically being there. On the other hand, AR can give valuable info about a property, like square footage, room dimensions, and potential renovations. These techs will make the buying process more efficient and convenient for everyone involved.’
Online real estate will also continue in 2024, with digital auctions, viewings, and agents making buying and selling more convenient. ‘But, make sure to do your homework and choose reputable online platforms for a smooth and successful transaction,’ Keith urges.
8. Increased impact of social media on buying habits
If you are looking to sell a house fast, then social media may be your friend in 2024 – especially if you want to stand out to affluent buyers. According to Coldwell Banker Global Luxury’s The Trend Report, 73% of affluent consumers say social media has influenced them to purchase a particular home, with Instagram, YouTube, and TikTok being the leading platforms they’re turning to.
Whether you create a video showing off your home features open door style, or post ads, utilizing the reach of social media is the best path to efficient sales.
FAQs
Which room adds the most value to a house?
Kitchens continue to add the most value to a home, especially when recently redecorated or remodeled with up-to-date appliances and cabinetry. Large, self-contained kitchens with an island or dining space are often seen as the most appealing going into the 2024 market, according to realtors.
Does interior design increase home value?
Investing in your home’s interior design and its notable features, such as bathrooms and kitchens, will add value to your home and make it more alluring to buyers – especially if it is recently renovated and provides buyers with a space they will not have to splurge on when they first move in. Using interior design trends in easily changeable spots can help to pull buyers in, but sticking to timeless choices in main areas will ensure a sale.
Understanding the biggest real estate trends in the year you are selling is one of the best ways to add value to your home and ensure a quick, sound sale in a busy market. Adding just one or two of these desirable features can help you attract buyers, even if you are not in the position to make some of the larger changes to your property.
