Real estate trends that could impact the market in 2024

The pandemic had a significant impact on how and where people live and work, and these changes are expected to continue in 2024. Real estate trends will continue to shift as people either work from home permanently, return to the office or have a hybrid model. Many are also wanting to move into more suburban areas and out of high-density cities where housing is more expensive. All of these things and more will be important factors when buying or selling commercial or residential property in 2024. 

Expectations for the year ahead 

With more people working from home, the demand for certain types of commercial space in North Carolina is limited. However, e-commerce companies are more likely to need larger warehouse space as online shopping has become more prevalent. It may take another year to have a clearer picture of how the pandemic affected the need for commercial space and what types of buildings are most desirable. 

Residential home sales are expected to remain high in 2024 as supply will remain below demand. Multi-family properties are in especially high demand, and there are questions about whether supply will be able to overcome delays caused by shortages. Competition among buyers may remains high. 

The best way forward 

It is helpful to have experienced guidance when considering the purchase or sale of residential or commercial property in North Carolina. An experienced legal ally can provide knowledgeable guidance to ensure that one has the information needed to make practical decisions. With help, a buyer or seller can reduce exposure to financial loss and other complications.