As the dust settles on the 2024 Presidential election, you might be wondering how this pivotal moment will influence the housing market. Let’s delve into the trends shaping the post-election landscape and what they mean for buyers and sellers alike.
A Familiar Pattern: Election-Year Slowdowns
Election years often bring a sense of hesitation to the housing market. While autumn typically sees a seasonal dip, election-related uncertainty can amplify the slowdown. Many buyers and sellers choose to delay significant decisions until the election results are clear. In fact, a recent Redfin survey found that 23% of first-time homebuyers planned to postpone their purchases until after the election.
Recovery and Resilience Post-Election
Fortunately, history tells a reassuring story: the housing market often regains its footing shortly after an election. With confidence restored, activity tends to surge. In 82% of past election cycles, home sales increased in the year following the vote. This rebound reflects renewed certainty and optimism among consumers.
Looking Ahead to 2025
As we move into 2025, forecasts suggest a brighter outlook. Experts anticipate home sales climbing from 4.6 million in 2024 to 5.2 million in 2025. This growth underscores the market’s resilience and presents exciting opportunities for both buyers and sellers.
The Takeaway
While the housing market may experience a brief post-election lull, history suggests it will rebound with vigor. For those waiting on the sidelines, the months ahead could mark an ideal time to act.
Curious about how these trends might influence your plans? Contact the McLennan Team for a personalized consultation. Let us help you navigate the market with clarity and confidence.
-The McLennan Team
