Should I Sell My House Now or Wait? (2024 Data)

Are you considering putting your house on the market and want to know if now is a good time to sell? Here are some important factors to consider when deciding if you should sell now or wait, according to 2024 data. 

One of the hardest parts of the entire home-selling process is figuring out the exact time to sell. It may be a good time for you, but not the housing market and vice versa. There will be many factors to consider when deciding if you should sell your house or wait.

The housing market can be extremely unpredictable, which makes it pretty difficult to pick a time to sell your house. Whether you are selling because you got a new job, starting retirement, looking for a fresh start, or any other reason, you should always research the housing market. 

When looking at the current market conditions, evaluate the local housing market, home prices, and interest rates. These three conditions will give you a good idea of how the market is doing at that time. 

While we won't be able to say if selling is the best idea for you specifically, we can give you all the necessary information to make an informed decision. Take a look at the current real estate market, housing market predictions, selling tips, and more. 

Keep reading to learn all about whether you should sell your house now or wait. 

1. Today's Real Estate Market

In order to assess the current real estate market, you should look at your local housing market, home prices, and interest rates. This means looking at if similar properties are selling quickly in your area, monitoring the home price trends, and mortgage interest rates. Low mortgage interest rates will attract more buyers and help you sell your home faster. 

Back in January, the housing market activity had increased by 3.1% from December 2023, according to the National Association of Realtors. In that same month, the national median existing home price was $379,000, up 5.1% from the year prior. All four regions of the country showed home price growth; most notably, the West saw the highest median home price at $572,100. 

In January, there were over 661,000 new houses sold and 456,000 new houses for sale, according to the U.S. Census Bureau. This is right around the same number of homes on the market compared to January 2023. 

Home prices in February 2024 were up 5.6% compared to last year—about 21.6% of homes in North Carolina were sold above the list price. This can mean that the housing market is somewhat competitive; however, that will vary depending on where you live. 

Keep in mind that Spring is known as the best time for buying and selling, so make sure you are prepared beforehand. 

2. 2024 Housing Market Predictions

Last year, the housing market was referred to as the "mortgage rate lock-in effect." This phenomenon brought the industry to a standstill, putting much pressure on many parts of the housing market, including inventory. The lock-in effect meant that homeowners were locked in and refusing to sell their homes because they didn't want higher rates.

Moving into 2024, mortgage rates have dropped, averaging 6.61% for a 30-year fixed mortgage, according to USA Today. Ideally, mortgage rates should return to the upper 4% to lower 5% range, but experts believe this is unlikely to happen this year. However, the American Institute for Economic Research sees mortgage rates falling this year, meaning home prices will rise.

If inflation continues to fall, interest rates will be cut, and high demand will increase. As a whole, the housing market is predicted to improve, and it may be a good time to invest in real estate. 

In Wake County, specifically, prices tend to be higher, and homes sell faster. As the number one county in North Carolina, it is no surprise that the housing market is hot right now. In total, there were 721 homes sold or pending in January 2024 in Wake County. 

Luckily for those starting the home search, experts anticipate a slower rise in home prices this year. Again, this will fluctuate greatly and rely heavily on the local market supply. With the low housing inventory, this may be the right time to sell your home as long as you have your next one lined up. 

3. 2024 Housing Inventory Forecast

As of now, low levels of inventory mean that most areas are sellers' markets. Mortgage rates have decreased, but the high home prices are discouraging homebuyers. By the end of 2023, the overall number of existing home sales was at approximately 3.9M. By January 2024, there were about 4M existing home sales in the U.S., according to NAR.

This rebound in existing home sales goes along with price growth. In all four regions, there was price growth from a year ago. The Northeast grew by 10.1%, the Midwest grew by 7.6%, the West increased by 6.3%, and the South increased by 4.1%.

The inventory of unsold listings in January was up 2.0% from the month before. As a result, housing inventory conditions are the largest challenge for homebuyers today. 

In order to counteract the housing inventory crisis, new construction homes are beginning to be built across the country. Experts from NAR state that new home sales previously accounted for only 10%-12% of the market for single-family homes, but now, they account for over 30%. 

New construction homes have many pros and cons, but if you need to sell your home and find a new home quickly, then this could be the perfect option. 

4. How Do You Know If Now Is The Best Time For You To Sell?

While 2023 may not have been the ideal year to sell your home, it cannot be easy to decide the perfect time. Here are a couple of ways to determine whether you should sell your home now or wait until 2024.

Your Home's Value Has Significantly Increased

Home renovation spending is expected to decrease from $481 billion to $450 billion in 2024, mainly due to the high-interest rates and lowering appreciation of housing prices. If you are debating if you should sell your home, check your home value, and if it has increased, selling might be for you. 

Your Home Is In Selling Condition

Since the housing market is extremely competitive in most places, many homeowners are looking for homes that are move-in ready. A move-in ready home is a huge selling point to many buyers, plus you can earn back what you spend on repairs by increasing your home's value. Prioritize necessary repairs instead of cosmetic upgrades. 

If The Housing Market Supply Is Low

If your area is currently a buyer's market, that means there is more housing for sale than buyers, and homes are likely to stay on the market longer. You shouldn't put your home on the market if it is a buyer's market unless you know your home will sell fast. If it is a seller's market, homebuyers will have to compete for fewer homes and typically buy above the asked price. As of now, most areas are in a seller's market, but check in with your real estate agent to ensure this is the best time for you to sell. 

Here are some additional situations to help you decide if now's a good time to sell your home.

• Personal circumstances require a move
• Low housing inventory
• Low mortgage rates
• You are financially ready to buy a new home
• Your home is in good selling condition
• You can afford time on the market

5. Tips for Selling Your House

There are many ways to increase your chances of selling your home quickly and for more money. The majority of homebuyers are moving to places like Raleigh, NC, Boulder, CO, and Sarasota, FL, in 2024. If your home is not in one of these popular places, there are many tips and tricks you can use to sell your home fast. Consider thinking like a buyer, and make sure your home features what home buyers really want. 

Curb Appeal

Curb appeal is the attractiveness of your home and property that can be seen from the street, sidewalk, or front lawn. A high curb appeal is essential to make a good first impression, especially if you plan on holding an open house. You can do this by adding fencing, outdoor lighting, a walkway, gardening, or just cleaning up the lawn. 

Choose an Experienced Agent

The most important thing you can do as a seller or buyer is get in touch with an experienced agent. As a seller, a real estate agent will help negotiate, schedule showings, talk to potential buyers, suggest property upgrades, market the property, and much more. As a first-time seller, this help is vital if you want to sell your home fast.

Methodology

We used information and data from several different sources, as well as our own data, to determine if now is the best time to sell your house. Most of the data was sourced from the following sources:

• The National Association of Realtors
• The U.S. Census Bureau 
• USA Today
• American Institute for Economic Research
• Forbes

FAQ: Should I Sell My House Now or Wait?

Here are some commonly asked questions about if now is the best time to sell your house. 

Is 2024 a good time to sell a house?

Many professionals say that now is a great time to sell a home. Right now, it is a seller's market, and it is projected to stay that way as we move into 2024. The housing market can be hard to project, so if it is in your favor now, then you should jump on it. 

What is the best month to sell your house?

June is typically known as the best month to sell a house because you are most likely to reach the highest number of potential buyers and get a price above market value. Although this will vary depending on many factors, on average nationwide, June is the best time to sell a house. 

What is the slowest month for selling a house?

The slowest months of the year for home selling are usually October, November, and December. Most homes are bought during May, June, and April, and then as the weather starts getting colder, people typically stop the home search. 

How soon is too soon to sell a house?

Typically, you shouldn't sell your property till at least two years after buying it. Selling too quickly may result in short-term capital gains, but you'll end up with higher tax rates. You should wait at least one year so you can qualify for long-term capital gains rates. 

How long do most houses stay on the market?

According to 2024 data, the median time a house is on the market in 2024 is approximately 61 days. This will vary greatly depending on the location and current housing market trends in that area. 

Should I Sell My House Now or Wait? (2024 Data) - The Bottom Line

When it comes to deciding if you should sell your house now or wait, the bottom line is looking at your personal finances and goals. The housing market is hard to predict, and even if it is a seller's market, it may not be the best time for you to sell. 

You should always get in touch with a trusted real estate agent who will help you decide if now is the best time to sell your home. Just like any professional, a real estate agent will know about the current housing market in your area and what homebuyers are looking for to sell your home fast. 

If you do decide to sell your home and start the search for your next home, consider moving to Raleigh, NC, which is one of the fastest-growing areas in the country with many beautiful homes for sale. You'll have to act fast if you want to buy your next home in one of Raleigh's best neighborhoods. 

Before you buy your next home in the Triangle, feel free to contact one of our helpful real estate specialists, as they are eager to help you find the perfect home. We know that buying a home can be overwhelming, so make sure you are prepared beforehand.