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Market Update Q1 2024

Market Update – Q1 2024

Carolina Current

Market Update from Stewart Downey::
As we move through Q1 of 2024 we are experiencing more than just a few different seasons. As is typical of Eastern NC the weather patterns can be quite indecisive and that has proven to be true yet again this year, with lows in the teens and highs in the 70’s all within the span of a couple weeks. So while the weather remains relatively volatile, the local real estate market seemed to have listened to Puxatawney Phil and is hastening an early spring, as opposed to six more weeks of slow sales.

January was a record month for Donna & Team New Bern in terms of closed sales and volume and it seems that February and March are likely to follow suit. So what does that mean for the home buyer or seller looking to wade into the market early this year?

The Feds met at the end of January and did not choose to change to Fed Rate from its prior position, where it has been held level for some time. They plan to meet another 6 times this year to consider reductions in the Fed rate which would increase buying power for prospective purchasers as we move through the year. Prices tend to remain level across the market and with that we are fortunate that fewer than 2% of homes are worth less than the amount owed on their mortgage, so there are a number of homeowners that could be sitting on a considerable amount of equity. So, much like our nation’s favorite groundhog, the Spring Market seems to be kicking into action sooner this year than we have seen in years past. With prices holding steady and interest rates following in kind, buyers and sellers can both move confidently into what this writer would characterize to be a balanced market.

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