Next year is almost here.

As you prepare for marketing real estate properties in the coming year, now is the time to take a look at housing market predictions for 2024.

The real estate market is a dynamic ecosystem influenced by myriad factors. Anticipating upcoming trends and challenges is not just a strategic move; it's a necessity. We leveraged our powerful audience intelligence data to identify key predictions for 2024. Ours is the only housing market report focused on the PEOPLE behind the numbers. Real estate marketers and leaders can use these insights to prepare, adapt, and gain a strategic advantage.

As we anticipate the challenges and opportunities ahead, let's explore the key takeaways that can guide your strategies in the dynamic world of real estate.

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1. Two Distinct Housing Markets:

‍Our first prediction is a game-changer. We’re seeing not one, but two distinct housing markets for renters and buyers in 2024: Market Rate and Upscale.

For almost 60% of homeowners, Market Rate reflects home prices within the national average that also rely on mortgages for ownership. With 42% of homeowners, the Upscale market does not require financing and generally owns homes worth over $1M.

The implications are clear: a one-size-fits-all approach won't cut it. Understanding these segments is vital, especially in a scenario where housing is expensive, rates are high, and the inventory is limited.

2. Decline in Home Movers:

‍The second prediction highlights a decline in home movers for 2024. With only 26 million predicted relocations, down from 28 million in 2021, Audience Town’s analysis underscores a longstanding trend. The challenge lies in the current housing market conditions that make it harder for individuals to make a move despite the desire to do so.

Compared to previous years of 35-40 million moves, best practices for today’s real estate marketing look very different. There has never been a better time or greater demand for powerful consumer analytics curated to address emerging real estate needs.    

3. Affluent Upscale Home Movers:

‍The third prediction focuses on the most affluent group predicted to move in 2024. An intriguing finding reveals that 40% of this group is more likely to buy an additional home. This population, currently residing in million-dollar-plus homes, demonstrates a unique mobility, buying with cash and selling to cash buyers. Their ability to navigate the market with ease sets them apart, emphasizing the contrast between market rate movers and their upscale counterparts.

While this audience has significant buying power, they can also be more demanding from a marketing standpoint. Thorough knowledge of their lifestyle and habits is critical to closing any deal. And any misstep can be costly.

Implications for Real Estate Marketers

‍So, what do these predictions mean for real estate marketers? The key lies in segmentation and tailored strategies. Recognizing the diversity within the market and adapting marketing approaches accordingly will be crucial in 2024.

Audience Town equips your team with the tools needed to create detailed profiles for your target customers on their home journey. We offer user-friendly analytics for real estate professionals looking to understand key target audiences, implement strategic marketing plans, and continually improve performance measurements. Our platform delivers unprecedented consumer-centric insights, setting a new standard in data granularity.

Actionable Steps

1. Segmented Marketing:
   Tailor your marketing efforts for both Market Rate and Upscale segments. Understand their distinct needs and preferences to create targeted campaigns.

1. Adapt to Changing Trends:
   Acknowledge the declining trend in homeownership and find innovative ways to engage potential home movers. Consider addressing the challenges of mobility in your marketing messaging.
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2. Focus on Affluent Buyers:
   If your target audience includes affluent buyers, emphasize the convenience of cash transactions and cater to their unique preferences. Highlight opportunities for additional home purchases.

As we step into 2024, these predictions serve as a compass for real estate marketers navigating the complexities of the market. By embracing segmentation, acknowledging shifting trends, and catering to the needs of diverse home movers, you can position your strategies for success in the dynamic real estate landscape.