The Future of Real Estate: Trends to Watch in 2024

Real estate is a constantly evolving industry, and 2024 will be a transition year. Some of the trends that are expected to shape the future of real estate include; Technological advancement, Demographic factors among others. Here’s a closer look at some of the key trends to watch in 2024;

PropTech Revolution

This paper is specifically concerned with PropTech, a term that refers to property technology. A rapidly growing industry within the real estate sector. Machine learning and artificial intelligence are being used to evaluate markets, estimate property prices, and suggest which properties to buy. Virtual reality (VR) has allowed potential buyers to take virtual tours of properties without physically moving from their homes. While blockchain has provided a secure way of affecting sales.

Rise of Sustainable Homes

People care about the environment, and this is also reflected in their choice of real estate property. Using energy-efficient appliances in homes and green buildings is now the trend in the market. Sustainability issues are also evident in the planning of cities and towns. With a focus on creating environments that promote walking and cycling.

Impact of Remote Work

Working from home has become the new trend, changing how offices are being used. There are likely to be some changes in the flexible working arrangements in which employees are partially working from home. This will lead to a decrease in the demand for traditional commercial office space and an increase in the demand for homes with offices. Another concept that is also coming up is co-living spaces, which are also targeting workers who are working remotely and need a place to live, as well as some amenities.

Real Estate Crowdfunding

Real estate crowdfunding allows individuals to invest in real estate with a small amount of capital, opening up the real estate market and making the asset class more open to a wider range of buyers.

Smart Home Technology

Smart homes are becoming a trend, and the elements being integrated are smart thermostats, smart voice assistants, and smart appliances. These features can help make homes more comfortable, convenient, and efficient in their energy use.

Demographic Shifts

Another factor that is also very relevant to the future of real estate is demographic changes. First-time homebuyers are millennials, and they are looking for convenient, green, and intelligent homes at the prime home-buying age. Generation Z is also entering the market, and they have the same needs. While the former is looking for better and improved houses, the latter is looking for new, more appropriate ones for their age.

Urbanization vs. Suburbanization

This is still an issue, as people are still moving to cities due to economic opportunities and entertainment. However, there is a new shift, and people are moving to the suburbs due to the new normal of working from home. People are ready to look for homes that have more space and better working conditions, and there is a need for it.

Want to More About Real Estate Trends? Contact Tom Gilliam Today!

Whether you’re a buyer searching for your dream home or a seller looking to maximize your return, Contact Tom Gilliam! He is a professional real estate and professional broker at Home 2 Move You. They help their clients navigate the market, find the perfect property, secure a great deal, or sell your home for top dollar. So, what are you waiting for? Contact now!