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Housing Market Gains Momentum in 2024’s Final Push

Housing Market Gains Momentum in 2024’s Final Push

Plus, Top 10 States Gaining and Losing Residents, Decor Trends Disappearing Next Year, Just Listed: "The Lighthaus", and Winter Real Estate Guides

Ralph Ragetté Jr
December 06, 2024 • Reading Time: 9 minutes

It’s been a busy week, and I haven’t made any progress with my Christmas shopping, but there’s good news! Buyer activity is picking up, and I’m thrilled to bring you a first look at a beautifully remodeled home I’m bringing to the market tomorrow in White Plains.

Also, can you guess which states buyers flocked to this year? (Spoiler: It’s not Florida or Texas 🤔)

Housing Market Gains Momentum in 2024’s Final Push

Redfin’s Homebuyer Demand Index is sitting near its highest level since September 2023. The index, which tracks seasonally adjusted metrics like tours and other services provided by Redfin agents, has risen 7% compared to the same period last year. Meanwhile, mortgage-purchase applications have risen 17% month-over-month, while pending sales are up 6.5% year-over-year.

Ralph’s Take

This comes as no surprise, as many buyers had postponed making significant decisions until after the election, resulting in a post-election surge in activities like property tours — a trend that persists. At the same time, buyers are adjusting to current mortgage rates, recognizing that a substantial decline is unlikely in the near future.

Westchester Weekly Market Tracker 📈

‘Coming Soon’ Listings: 11 ↑
New Listings: 102 ↑
Price Reductions: 48 ↑
Pending Sales: 115 ↓
Closed Sales: 122 ↑

Highest Sale: 126 Vail Lane in North Salem closed for $5,650,000.

_{Property Type: Single-Family. OneKey Multiple Listing Service, Inc. 11/29/24 - 12/6/24.}

Top 10 States Gaining and Losing Residents

With high home prices and rising interest rates dominating the 2024 housing market, many homeowners stayed put. For those who moved, their destinations were surprising. Atlas Van Lines' 2024 Migration Patterns Study analyzed nationwide moving trends between Nov. 1, 2023, and Oct. 31, 2024. By tracking mover shipments, states were categorized as “outbound” (more people leaving), “inbound” (more people arriving), or “balanced” (nearly even inflow and outflow). Here’s what they found:

Top Inbound States

Arkansas
Rhode Island
North Carolina
Maine
New Hampshire
Montana
Washington
Arkansas
Florida
New Mexico

Top Outbound States

Illinois
Pennsylvania
Louisiana
Minnesota
Indiana
Oregon
Iowa
Mississippi
New York
Ohio

Ralph’s Take

The study suggests that economic factors, such as employment opportunities and housing affordability, significantly influenced these migration patterns. For instance, Arkansas's top ranking for inbound moves is attributed to its lower cost of living and favorable business environment. Conversely, states like Illinois and New York face higher outbound rates, potentially due to higher taxes and less favorable business climates.

Decor Trends Disappearing Next Year

When were teal-colored rugs cool?

Here are the five home decor trends expected to fade in 2025, according to Elle Decor. Key trends on their way out include all-white kitchens, overuse of open shelving, and industrial-style interiors. Additionally, minimalistic and starkly modern styles are being replaced by cozier, layered designs that prioritize warmth and personality. Additional points:

Maximalism shifts to designs emphasizing craftsmanship and storytelling.
Bold, colorful, and authentic designs replace neutral tones.
Home offices give way to creative spaces like art studios.
Modern, functional kitchens are replacing rustic, nostalgic styles.
Diverse color palettes are trending over monochromatic interiors.

Ralph’s Take

Outdated trends can make a home feel less appealing to buyers who are increasingly drawn to more natural materials, softer color palettes, and versatile layouts. Sellers may consider making small updates — like replacing stark decor elements with warmer accents — to ensure their home aligns with buyer preferences. Investing in these adjustments can enhance a home's marketability and potentially boost its value.

Introducing "The Lighthaus"

Welcome to "The Lighthaus," a stunningly reimagined mid-century modern ranch in the Worthington Estates neighborhood of White Plains. Designed by architect Nicolas Faustini and inspired by the visionary James Turrell, this home is a masterpiece of light and modern design. Featuring 6 skylights, a solar tube, and an expansive open-concept layout, the space is bathed in natural light. The kitchen boasts a 129" island, Monogram appliances, gunmetal black sinks, and custom finishes throughout.

The listing goes live tomorrow, and the Open House is scheduled for this Sunday 12/8 between 12:00 - 2:00 PM. Come visit!

📍 162 Drisler Avenue, White Plains

Mortgage Watch 📉

Mortgage rates fall more than expected after jobs report was released. Today’s average 30-year fixed rate is 6.68%.

> The rate you may be eligible for can vary greatly from the daily average published via Mortgage News Daily. I use this figure as a proxy for how the mortgage market is shifting.