Updated: Jun 15
By: Robert Warren
When it comes to real estate there have been some new and exciting trends that have been making such a big impact in today's market. In this article, we will dig in to really understand some of the real estate trends that get people talking. In this new digital age there is much to see, let's dig into the current market trends in real estate.
Looking into today's housing market, there are definitely some current market trends, there have been many challenges in the real estate business like home prices. Not only that but there have been a limited number of homes on the market. According to the National Association of Realtors, only 7.1% of people bought a home in DFW between 2019-20 with 59.4% of all homebuyers having a family at an average buying age of 40 years old. 57.9% moved within the same state and typically have an average income of $133,242 dollars with 37.1% having a professional graduate degree.
Now here is where some trends pop up, since the COVID-19 pandemic, there has been an increased demand for suburban and rural properties according to TexasRealEstate.com There has also been an increase in sought-out remote and flexible living spaces as mentioned by Palo Alto online. The good news is Mortgage interest rates have remained relatively low making homeownership much more affordable. How exciting is that?
Much of this can be found by looking at some very important people who talked with Keeping Current Matters.
Mike Fratantoni, SVP and Chief Economist, MBA said:
“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time buyers."
Lawrence Yun, Chief Economist, of the National Association of Realtors (NAR) said:
With current market trends, there has been such a transformation in the real estate business with technology too. Booming with virtual tours, online listings, and remote buying/selling processes are just some of the current market trends. Many people seeking sustainable and energy-efficient homes too (like solar panels,) there is so much opportunity in real estate in these current market trends.
Whatever you are looking for we can help. Contact the Harrow Home Team to help with finding your dream home. You can contact us here.
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