What’s Predicted for the Philadelphia Suburban Real Estate Market in 2024

Big news for the Philly Suburbs! We've got the inside scoop from the National Association of Realtors® (NAR) on what to expect. Read on to discover what's happening and how The Moore Maguire Real Estate Team can make your move a breeze.

Philadelphia's Real Estate Comeback: What You Need to Know

More Homes to Choose From:

As you may know, we have been experiencing an intense seller’s market for the last few years. This is primarily driven by an imbalance between inventory levels and buyer demand, but good news for homebuyers – NAR predicts about 30% more homes to be hitting the market with a 13.5% increase in home sales in 2024. They have predicted that this will translate into an increase of approximately $4.71 MILLION in additional sales. 

Steady Home Prices:

Now you may be thinking, yeah that’s great but does that mean that home prices are just going to continue to rise? Rising home prices have been fantastic for sellers but a big concern for home buyers in this market. However, it is predicted that prices are going to stay pretty consistent with where they’re at as opposed to seeing another huge increase. Now this may sound like a bad thing for sellers but it is actually a win-win, because their homes have already seen a tremendous growth in equity over the last few years, with many neighborhoods seeing record highs, so they will still be getting top-dollar for their home. This also keeps more buyers “in the game”. Soaring prices and upticks in the interest rates made it difficult for buyers to stay in the price range they’d previously had the buying power for, so it stifled many buyers from being able to make an offer on a house that they may have been able to just a few short years ago. This prediction means that buyers will not have to be as concerned with pricing out of the kind of homes they are desiring, especially with recent downticks in interest rates!

Good News for Your Wallet:

The economy is looking up with a 1.5% GDP growth, and job additions are slowing down, which indicates a balanced economy. Plus, the average 30-year fixed mortgage rate is expected to be around 6.3%, making it easier for you to get financing and a dramatic difference from the 8%+ rates we’d seen at some points in 2023. 

Why Philly Suburbs Are the Place to Be:

The Philadelphia-Camden-Wilmington area has grown to be in the top 10 markets with the most pent-up demand. This makes the surrounding suburbs the best of both worlds by being a short drive or train ride into all that the city has to offer, but a more affordable option. Not to mention many of the suburbs have thriving downtown areas where you can get all the thrill of top-notch restaurants, shopping, and entertainment without the taxes, the crowds, or the wait. For example, Media, West Chester, and Phoenixville are among some of the more sought-after areas for this exact reason. 

Get ready for an exciting real estate ride in 2024! With steady prices, more homes to choose from, and a positive economic outlook, places like Chester County, Delaware County, Bucks County, and Montgomery County are perfect for finding your dream home or making a solid investment. The Moore Maguire Real Estate Team is here to make your move smooth and stress-free. Whether you're a first-time buyer or a seasoned investor, now is the time to jump on the opportunities waiting for you in the Greater Philadelphia Suburban Area.