Real estate highlights the evolving preferences and needs of homebuyers and homeowners.
Here’s a summary of the key trends for 2024:
1. Homeowners Staying Put:
High interest rates and low inventory are prompting homeowners to stay in their current homes longer. Remodeling and updating focus on sustainable features, accessory dwelling units, pickleball courts, remodeled basements, home offices, outdoor spaces, and AI-driven technology for energy efficiency.
2. Specialized Needs for Aging Population:
With a growing aging population, there’s an increased demand for housing that caters to specific needs, including private and double rooms, amenities like atriums and game rooms, and features promoting well-being such as ample light.
3. Smaller Single-Family Homes and More Townhomes:
The median size of single-family homes is decreasing due to high mortgage rates and changing lifestyles
favoring fewer bedrooms. Attached townhomes and stacked flats are gaining popularity in response to land shortages.
4. Bigger Apartments:
Apartments are getting larger, with renters seeking more space to accommodate the trend of working from home. This reflects a shift in priorities and lifestyle choices.
5. Sustainable Energy Use:
Sustainability remains a top priority, with homeowners increasingly opting for energy-efficient homes. The Department of Energy’s incentives for Zero Energy Ready Homes contribute to the popularity of sustainable features, offering benefits such as better resistance to extreme weather and reduced carbon emissions.
6. Luxury Spec Building Demand:
There’s a rising demand for luxury spec houses and townhomes characterized by minimalistic design, low maintenance, smart features, and proximity to outdoor amenities like pools.
7. Multifamily Amenities in Small Buildings:
Smaller multifamily buildings are incorporating various amenities such as terraces, shared parking, bike storage, “Zoom rooms,” grocery stores, pet trails, and electric vehicle charging stations to compete with
larger developments.
8. Continued Focus on the Kitchen:
The kitchen remains a focal point of homes, with trends including induction cooktops, organized walk-in pantries, ample natural light, artisanal features, and a mix of materials. Kitchens are being redesigned to meet evolving needs and preferences.
9. Natural, Native Landscaping:
Homeowners are prioritizing conservation and ecosystem preservation, leading to the emergence of conservation communities or “agrihoods.” Energy-efficient homes with a focus on preserving significant portions of land for nature are gaining popularity.
10. “New” Neutrals for the Exterior:
Neutral colors are in vogue for home exteriors, providing a safe yet stylish backdrop for landscaping. Darker neutrals like midnight blue and charcoal gray are gaining popularity, offering a bold and confident aesthetic.
These trends collectively reflect a dynamic real estate landscape influenced by economic factors, lifestyle changes, and a growing awareness of sustainability and well-being.
Kyle Alfriend has been selling homes for over 35 years, successfully assisting over 3,000 clients buying, selling, or investing in real estate.
For more tips on selling your home in the winter, or for a personal consultation,
contact Kyle Alfriend, at (614) 395-1776, or info@AlfriendGroup.com