BiggerNews: The 2024 Housing Market in Review (What’s Coming Next?)

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 6 December 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

The 2024 housing market was nothing short of "wild," to put it lightly. We came from years of unprecedented growth, rock-bottom mortgage rates, and fiery homebuyer demand. While some predicted a housing market crash, we were quite sure that real estate prices would stay stable—and that’s precisely what happened! So, before we enter the 2025 housing market, we’re recapping 2024 with all its trends and surprises so you don’t get caught off guard next year! We’re touching on the big topics: prices, inventory, affordability, best and worst markets, and the commercial real estate crash. Why did prices RISE even when buyer demand fell significantly? Why did the existing housing inventory stay so low? And is now the best time to buy multifamily after its massive value drop in 2024? Get prepared to make 2025 your best year yet, but don’t make the same mistakes of the past. Stick around; we’re giving you your 2024 housing market in review! In This Episode We Cover: The biggest trends (and surprises) of the 2024 housing market Why did home prices rise in 2024 even with buyer demand so low? Our affordability crisis keeping many Americans renting instead of buying The commercial real estate crash and why multifamily is seriously struggling now Hottest (and coldest) real estate markets that nobody would have expected The cities that are seeing the most rent price growth (and some with the least) And So Much More! Links from the Show Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Ask Your Question on the BiggerPockets Forums Grab Dave’s New Book, “Start with Strategy” Find an Investor-Friendly Agent in Your Area How to Invest in Real Estate in 2025 (with NO Experience) Connect with Dave (00:00) Intro (01:12) Sluggish Homebuying (03:03) REALLY Low Affordability (06:19) The "Lock-In Effect" (06:50) Home Prices Still Rising (07:55) Worst/Best Markets (10:54) Multifamily Crashed Hard (15:52) Commercial Real Estate's Big Problem (17:36) Rent Prices Still Growing (20:16) Key Takeaways Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1053 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	If you're gearing up for a successful investing year in 2025, you need to know what happened in the last 12 months.
0:07.0	Today, I'm recapping the biggest trends and storylines from one of the wildest years the housing market has ever seen 2024.
0:20.0	Hey, everyone, it's Dave and welcome to the Bigger Pockets podcast.
0:24.0	If you're anything like me, you're probably winding down your year and starting to look
0:27.9	forward to all the deals you're hoping to do in 2025.
0:32.4	But before you do that, at least for me, I find it very helpful to just take a minute to
0:36.7	step back and look back at the year that was because it helps inform what we're going to do in the year to come.
0:43.4	So today I'm going to break down the most important storylines that you all need to know from the residential real estate market, the commercial real estate market, and I'll also provide some updates on the rental market as well.
0:54.8	Before we get into it, I just want to say keep an eye out on your feeds the next couple of
0:59.2	weeks because today we're going to be sort of setting the stage for what has happened,
1:03.2	but in a week or two, we're going to be dropping a new episode where we make predictions
1:07.2	and what we think might happen in 2025. So make sure to check that one out as well.
1:12.9	All right, let's get into our year in review, which as I said, starts with residential
1:18.0	real estate, which is basically any building that has four units or fewer.
1:22.4	We'll be talking about the bigger stuff a little bit later in the episode.
1:26.1	So when it comes to residential real estate,
1:28.3	24, the best way to describe the housing market was just sluggish. There was extremely
1:34.1	low sales volume. So if you've been looking at the market, trying to jump in and you just feel
1:40.2	like things are stuck and really bogged down, you're absolutely right. This year is actually
1:46.5	poised to end at an annualized rate of just 3.8 million home sales. This is for existing
1:52.5	homes that doesn't count new construction. And that might sound like a lot because about almost
1:57.3	4 million home sales is quite a lot, but it is well below the long-term average
	...

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