Real estate trends change frequently, but knowing what to watch for can help you decide when, where, and what to buy when the time comes.
Sustainability is Key
2024 is likely to be a greener year for homebuyers, as climate concerns rise and clean energy becomes more of a priority. Buyers in 2024 want to see solar panels, recycled construction material, and builds that will stand the test of time.
Benefits of Going Green
Research shows that when homes are built with sustainable materials, they stand up better to weather or fire emergencies and reduce wood-destroyers like termites and mold.
The more energy efficient a home is, the more money the homeowner saves in the long run on things like electricity.
Returning to the Earth
Continuing the focus on green living, conservation is trending in many industries, and real estate is no exception.
Homeowners are trending away from perfectly manicured lawns in favor of allowing natural growth in their backyards to protect and support wildlife.
What is Rewilding?
The concept of “rewilding” refers to the practice of allowing yards to grow their native flora naturally, conserving the ecosystem and encouraging important wildlife like small animals and bees to live in their natural habitats.
Green Spaces on Trend
Many new developments are prioritizing green spaces like parks and gardens and taking away the focus on lawns.
Native plant growth allows for pollinators to roam and thrive.
Dark Neutrals on the Rise
Homeowners are moving away from the boring, basic neutrals of the aughts. Neutrals are still popular, but darker versions are trending: black, gray, and dark blue are popular choices.
These colors add curb appeal to homes without a massive investment.
Neutrals: “A Safe Choice”
“(Neutrals) are a safe choice,” said Amy Wax, a color expert from New Jersey.
She emphasized that these “are not the subdued hues of the past.” These trendy, darker colors aren’t just for existing homes; new builds are opting for them too.
A Moment for the Kitchen
Kitchens have been a primary focus in homes for decades, and many of the trends that have been popular throughout that time have stayed desirable.
Homebuyers are still looking for spacious kitchen islands, tons of natural light, and large walk-in pantries.
A Multi-Use Space
The ability to cook, entertain, and eat in the same area has remained a priority. Kitchens are the most important part of a house to many buyers.
Design and Comfort
More modern draws for kitchens include designer woods and metals in the appliances and accents.
Open concepts are still important since the kitchen is a prime entertainment space, and builders are combining sustainability with design to create beautiful, functional spaces.
Size Matters
Believe it or not, single-family homes are trending smaller than usual, averaging under 2,500 square feet.
Ranches are more popular, as are townhomes, as space is limited and builders try to maximize their reach.
Mortgage Rates Impact Home Sizes
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Mortgage rates are coming down, but for the moment, they’re still higher than what the industry saw pre- and mid-pandemic, so folks are favoring smaller living spaces for affordability.
Younger Generations Favor Smaller Families
Also, more millennials and Gen-Z are opting for smaller family sizes, meaning they need less space overall.
Renters Want More Space
Despite the decrease in single-family home size, people want bigger apartments in 2024.
Apartments in the 1,000 square foot range are more popular, compared to closer to 800 before 2020.
Working Where You Live
This is due in part to the rise of remote work: people need space to move around since they’re spending most of their time inside their homes.
The Good News
The most important thing to keep in mind with these trends is that they’re not necessarily new. While some have seen a bit of a renaissance, many are just new takes on old ideas.
That means that you don’t have to worry about them fading too much over time.
Trends That Hold Up
If you’re purchasing a new place now, these sustainability, design, and size trends will stand the test of time, so you shouldn’t worry about being able to sell your home down the road.
Listen for Industry Buzz
Make sure to keep an ear out for changes, however. Your home doesn’t need to check all the boxes, but if you’re buying a new (or updated) home in 2024, it’s likely to cover some of these trends.
Inflation Concerns
Homes built sustainably will last much longer and save money in the long run, which is good news for new homebuyers worried about inflation.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.