Unlocking Glastonbury's Housing Market: A 2024 Preview and Predictions from a Local Expert
Breaking down the real estate headlines and MLS stats so you, the local homeowner, can stay informed on what matters to our hyper-local Glastonbury market. As we look to close out the 2023 Glastonbury market, I wanted to share some predictions for 2024.
While I do not have a crystal ball, I do have over 26 years experience as a licensed Realtor, a fiduciary and marketing specialist. Over the last 3 years I have been part of over 100+million in Real Estate sales volume and have seen hundreds upon hundreds of offers. These are my thoughts on what to expect in 2024.
The overall inventory level and mortgage rates will continue to dominate our real estate market. Locally, we will see continued low levels of housing hit the market and with interest rates expected to continue to lower, the prices of homes will continue to stay bullish. Some industry experts predict home sales rising in 2024. I do not see that in our market. There hasn’t been a huge influencing factor that would suddenly spur homeowners to become sellers.
Over the last 2 years, I can clearly see the impact of higher mortgage rates as buyers pulled back. Maybe we had less buyers at homes, had less offers and when under contract, we saw more push-back on inspection issues etc. As rates came down, we saw the opposite effect with more buyers making private appointments, more buyers showing up at open houses, more offers on homes and a return to giving up contingencies like inspections and mortgage commitment safety nets.
Most of our industry experts are forecasting rates to fall below 7% - some predict just under 6.5% (this is for 30 year fixed and not creative ARM products).
Do you want to track how the market is doing? Watch the rates, and watch the inventory levels. If you have been reading these market updates, you will know that I have been saying this for the past year.
I have created a helpful seller’s guide. Visit for a free no obligation copy: https://bit.ly/