As 2024 has come to an end, let’s take a look at what the Real Estate Market did in 2024, and
what current national statistics expect it’s going to do in 2025.
Pinnacle Realty had another great year! We helped over 100 clients buy or sell a new home. We
had two new agents join the team, and we changed our commission structure to better benefit
our agents so they can serve their neighbors more adamantly. We’re looking forward to
celebrating 10 years in business this year as well expecting 2025 to be a great year of growth
for Pinnacle Realty!
Since this article is for the January edition, 2024 is not complete at the time of this writing, and
cannot be wrapped up with exact figures for the year. However, Saginaw County has had
another great year! Home values have risen by more than 7% and we’ve seen even more
homes listed this year than last, by 8%. That rise in sales price has made the past year a great
year to sell! Set against the Michigan landscape, it shows an even temperament for Saginaw
County. Michigan as a whole saw sales price increases of 10% but a 12% decrease in closed
properties. This is representative of National averages, increasing prices and less inventory.
This increase of prices is less drastic than from 2023 to 2024 and the recent previous years.
To sum up, we’re looking at an evening out of the market, while still experiencing a shortage of
homes available for residential purchase. The Federal Reserve is continuing to promote
increased sales and activity by lowering interest rates, while many banks are providing MSHDA
assistance programs for first time home buyers. This MSHDA assistance is for down payments,
and buyers qualify as first time home buyers if they have not purchased a home in the last 3
years! This is excellent news for buyers entering the market in 2025.
The National Association of REALTORS® is projecting that 2025 is going to be great! Since
we’ve seen improvements in the number of jobs available and gains in the stock market, it’s
expected that more people will be ready to make a move. Though there are concerns with the
recent elections, there has not been a decline in the stock market following an election going
back to 1923. As of now, the Federal Reserve is expected to lower its interest rates four times
over the next year. While we probably won’t see them reach the lowest rates in recent years, it
would still be considered lower than historical averages. This should be enough to help those
waiting or on the fence to make the move. We’re also seeing that nationally, that while home
prices are going to continue to rise, the rate in which their rising has slowed down.
That’s a lot of information, but what it tells me is that the coming year’s market is going to be a
more balanced market than what the past few years have been treating us to. Given the market
since 2008, this might sound like a lukewarm expectation, but we had years of stagnations
followed by explosive growth, a season of consistency is warranted and expected. I would love
to discuss the market and your needs in either listing or buying this coming year, come on in
and let me buy you a coffee and a donut. It is going to be an excellent year in real estate,
whether you are buying a home, selling a home, or considering becoming an agent.
Data provided by the Michigan Assocation of Realtors, residential sales statistics July-24 July
2024, and T. Rowe Price, How do U.S. elections affect stock market performance? August
2024.
