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As 2024 continues, the landscape of home buying is undergoing significant transformations, fueled by evolving technologies, changing demographics, and shifting societal norms.
The traditional paradigms of real estate are giving way to innovative trends that cater to the demands and preferences of the modern homebuyer.
From sustainability to smart homes, knowing the current home buying trends can help you maintain a competitive edge as a real estate agent. So, keep reading to get into all the top home buying trends shaping the real estate market in 2024.
Beyond keeping up with your required real estate continuing education classes, it’s crucial to stay informed about trends. To continue your real estate success, here are 9 home buying trends every real estate and building professional needs to know in 2024.
The pandemic accelerated the adoption of virtual reality (VR) technology in various industries, including real estate. Virtual reality tours are slowly replacing traditional open houses for local buyers and satisfying out-of-state buyers' needs, too. As technology continues to advance, the quality of tours improves, giving agents the ability to use this home-buying trend to their advantage.
Overall, these immersive experiences offer a realistic sense of space and layout. Therefore enabling buyers to narrow down their options efficiently and minimizing the need for in-person visits.
Even more than environmental concerns, home buyers are concerned about protecting their pockets. Meaning, there’s a rising trend for sustainable homes or smart home features for cost-cutting reasons. This should come as no surprise, considering the National Association of REALTORS (NAR) reports that energy-efficient homes help buyers save up to 35% on their electric bills.
Smart home technology includes a wide array of features, including AI-powered energy management systems, advanced security solutions, and integrated home automation platforms. From voice-activated controls to predictive maintenance algorithms, today's smart homes offer unparalleled convenience and peace of mind to tech-savvy buyers.
With rising financial concerns, economic factors, and changing family dynamics, multi-generational living is on the rise. In 2024, homebuyers are seeking properties that accommodate multiple generations under one roof, whether it's aging parents, adult children, or extended family members.
This trend has led to a surge in the popularity of homes with separate living quarters, flexible layouts, and amenities that cater to diverse needs.
In 2024, the allure of suburban living is still strong due to factors like affordability, space, and a desire for a quieter lifestyle. However, the suburbs are undergoing a renaissance of sorts. New developments that incorporate urban conveniences, walkable communities, and other amenities (like nearby groceries, dog parks, or EV charging stations) are in high demand.
This blend of suburban serenity and urban convenience appeals to buyers seeking the best of both worlds.
The work-from-home era isn’t going anywhere anytime soon. That means home-based remote work will continue to influence home-buying decisions in 2024. Homebuyers are prioritizing properties with dedicated office spaces, flexible layouts, and reliable high-speed internet connectivity. Whether it's a separate home office, a converted garage, or a multifunctional room, the emphasis is on creating productive work environments within the comforts of home.
Health and well-being have taken precedence in home design, with buyers prioritizing features that promote physical and mental wellness. Including amenities like -
Homes in 2024 are designed to foster holistic well-being. Developers and builders are integrating wellness-centric amenities to cater to this growing demand for healthier living environments.
One thing that’s always good for your health? Getting a breath of fresh air from the great outdoors! Like kitchens, outdoor living spaces are a classic home buying trend but the demand is rising even more now. Quite literally. Not only do home buyers want ground-floor outdoor spaces, but those in high-rises and multi-unit buildings are on the hunt for rooftop terraces and perks, too.
On the same trend of healthier, more sustainable, and outdoor lifestyle shifts, home buyers are increasingly interested in the area’s natural ecosystems and landscapes. High in demand are native plants or landscapes for small-family homes, and in urban areas, conservation communities or urban farms in cities like Detroit and Atlanta.
Similar to the trend of “no mow May,” a growing number of homeowners are concerned about the environment and local ecosystems or wildlife, like birds, bees, and even butterflies.
No longer are white and beige considered the most highly sought-after neutrals. For exterior colors, especially, home buyers are increasingly drawn to the “new” or modern neutral of dark shades. Think “dark mode” for the siding, or even brick, where buyers are transforming their exteriors with shades of navy, dark grays, and deep black.
Innovation, sustainability, and adaptability will define the new era of home buying in 2024. From virtual reality to multi-family spaces and smart technology, today's homebuyers are redefining homeownership.
As the real estate market continues to evolve, embracing these trends will be key for both buyers and sellers. As an agent, it’s your responsibility to not only stay ahead of the trends for buyers and sellers but to also keep up with your education.
Introducing NCI Associates, the leading real estate school in Michigan. Operating since 1979, NCI Associates is the leader in delivering exceptional and inspiring education to the real estate and building industries. We specialize in training new and current agents with a passion for learning and respect for the industry.
To navigate the dynamic landscape of the 21st-century housing market, register or enroll with NCI today.
However, fulfilling the promise of a successful real estate future requires the right choices at the right times. The most important decision to make right now? Where you’ll begin — or continue — your real estate training. NCI Associates, Ltd. remains your intelligent choice for Michigan Real Estate Classes.
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