The 2024 Forecast for Annapolis Real Estate: What to Expect

The 2024 Forecast for Annapolis Real Estate: What to Expect

As we embark on 2024, individuals looking to buy or sell homes are keenly interested in the trajectory of the Annapolis real estate market. After extraordinary growth, 2023 marked a return to more traditional market conditions, akin to the pre-Covid era. This shift is something we predict will continue throughout 2024.

Our team at Long & Foster Real Estate is excited to share our predictions and insights for the Annapolis real estate market in the coming year, focusing on the trends that will shape the experience of both buyers and sellers.

1. **Persistent Limited Home Inventory:**

A key characteristic of the current market is the continuing shortage of available homes. Compared to the years before the pandemic, we’re witnessing roughly half the usual listings. This is highlighted in Long & Foster’s October 2023 Market Conditions Report, underscoring the challenges of purchasing a home.

2. **Variable Mortgage Rates:**

Mortgage rates have been erratic lately. We saw 30-year fixed rates momentarily surpass 8% in autumn, only to experience a decrease in November. With the Federal Reserve anticipating halt rate increases in the latter half of 2024, we expect more stability in this area.

3. **Consistent Rise in Home Values:**

Across major metropolitan areas where Long & Foster has a presence, from Charleston in South Carolina to the Jersey Shore, there’s been a noticeable continuous increase in home prices. Despite some potential buyers holding out for a price drop, the ongoing low inventory coupled with strong demand means prices are likely to keep rising.

**What These Trends Mean for You:**

If you’re planning to enter the Annapolis real estate market in 2024, either as a buyer or a seller, it’s vital to be aware of these trends. Keep in mind, however, that local market conditions may vary from these general predictions. I want you to know that partnering with a Long & Foster real estate professional, like myself, who has deep local market knowledge and extensive industry experience, will be crucial in reaching your real estate objectives for the year.

No matter the direction of the real estate market, I am proud to be part of Long & Foster, a financially sound and stable firm. We offer a holistic approach to real estate, ensuring you have access to all the services you need to buy, sell, rent, own, and invest in property. This includes assistance with mortgages, title services, insurance, and relocation.

I’d like to invite you to contact me today to begin your journey toward securing your ideal home. Together, we can navigate the 2024 Annapolis real estate landscape, leveraging our expertise and resources to meet your unique needs and aspirations.

Pat Ogle: The Go-To Annapolis Realtor for Your 5-Star Home Buying or Selling Experience
Meet Pat Ogle, your go-to real estate expert in Annapolis and the Chesapeake Bay—the Land of Pleasant Living! As an Associate Broker at Long and Foster Real Estate, Pat combines a lifetime of local knowledge with unmatched professionalism. His past as a retired Police Officer and former Undersheriff of Anne Arundel County makes him not just a realtor but a trusted community figure.

Why choose Pat? He’s in the Top 5% of realtors, holding prestigious titles like Certified Residential Specialist (CRS) and Internet Marketing Specialist (e-Pro). Awards? Pat’s got plenty, including Champion Realty’s Lifetime Achievement Award and spots in multiple Hall of Fames.

Whether you’re eyeing a waterfront property or a cozy home in Annapolis, Pat leverages his unique skills to make your real estate journey a walk in the park. Specializing in properties across Anne Arundel County and the Eastern Shore, Pat informs you of every step—making the process stress-free and enjoyable!

But it’s about more than just the business for Pat. Clients often turn into lifelong friends, thanks to his 5-star customer service. So if you’re looking for a top-notch real estate experience beyond just buying or selling, let Pat Ogle show you the way. Get in touch today to make your dream home a reality!

Looking for some quick tips on how to buy or sell a home? Click here for free copy of our ➡️ Home Buyers Guide, or our ➡️ Home Sellers Guide. They both have expert advice on navigating today’s home buying or selling process, whether this is your first or 10th time.

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Pat Ogle – Associate Broker, CRS, GRI, ePRO, MCJ 
Long and Foster Real Estate
711 Bestgate Road Annapolis, MD 21401
Cell: 443-569-2736 (text) Office: 410-224-0600
Email: [email protected]
Licensed Maryland REALTOR Since 1987
Real Estate in Annapolis and the Chesapeake Bay | Escape To The Good Life In The Land of Pleasant Living!
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