Why is 2024 a good year to buy an Ocala house? If you’re thinking about buying a house in this Florida city, it may be worth considering entering the market sometime this year.
In this post, our realtors at Your Home Sold Guaranteed Realty - Coldwell Real Estate Services will discuss seven reasons you should consider before buying a house in Ocala in 2024. We’ll also share what Ocala’s housing market conditions have been like in recent months.
Key Takeaways:
- Throughout 2024, interest rates are expected to remain higher than they were a few years ago, but are predicted to stabilize and even decrease slightly.
- Home prices nationwide are expected to rise in 2024– different market experts predict home values will increase anywhere from 2.5% to 5%. This means buying a home now could potentially be a good investment decision.
- Ocala’s predicted job growth rate over the next ten years is 37.6%, which is higher than the U.S. average of 33.5%.
What is the Housing Market Like Nationwide in 2024?
Many home buyers are understandably concerned about entering the housing market in 2024. A major reason for this is that inflation and interest rates have continued to remain high throughout the year so far.
These difficult conditions have prevented many sellers from entering the market, meaning there is low inventory for buyers to choose from. In addition, home prices across the U.S. are relatively high. Coupled with mortgage interest rates, this makes it difficult for buyers to afford housing.
Throughout 2024, interest rates are expected to remain higher than they were a few years ago, but are predicted to stabilize and even decrease slightly. Some real estate experts think sales will rise in 2024 as interest rates remain stable and more inventory enters the market. However, these predictions could change depending on the market and economic conditions later in the year.
Why is 2024 a Good Year to Buy an Ocala House?
While current market conditions might make it seem like 2024 isn’t a good time to buy a home, individual housing markets have their own unique conditions. For this reason, it’s always important to check with a local realtor to learn about the market in your area.
There are several reasons why entering the Ocala housing market could be a good idea, depending on your home-buying goals and financial situation:
- Cheaper than Other Parts of Florida: The median home price in Ocala is $280,000, which is a 3.4% decrease from the same point last year. This is lower than the median price of homes in Florida which is $402,000.
- Neutral Market: Ocala can be considered a neutral housing market, leaning slightly towards a seller’s market. A neutral market means there’s a good balance between buyers and sellers in the area.
- Stable Interest Rates: As mentioned above, interest rates are expected to remain stable and potentially start decreasing in 2024. Buying a home now while interest rates are stable or slightly lower may be a good idea, especially if they’re expected to rise again at some point.
- Investment Potential: Ocala’s real estate market may offer investment potential for buyers looking to build equity or generate rental income. Over the last ten years, Ocala homes have appreciated by 175.5%. On top of that, home prices are expected to rise in 2024– different market experts predict home values will increase anywhere from 2.5% to 5%.
- Ocala’s Local Economy: Ocala’s economy may continue to grow and diversify in 2024, contributing to job creation, wage growth, and overall prosperity. Ocala’s predicted job growth rate over the next ten years is 37.6%, which is higher than the U.S. average of 33.5%.
- Ocala’s Quality of Life: Ocala’s scenic beauty, outdoor recreational opportunities, and affordable cost of living make it a desirable location. 2024 may be a good year to buy a house in the area for buyers looking for a better quality of life.
What is the Housing Market Like in Ocala Right Now?
The Ocala housing market is considered a neutral market, so neither buyers nor sellers have the upper hand in a transaction. In recent months, the median home price was $280,000, which is a 3.4% decrease from the same point last year.
In addition, most homes spent 74 days on the market before selling, while the hottest homes sold in as fast as two weeks. Most homes sold for four percent below their asking price, while the hottest homes sold for exactly their original price.
The Ocala market has a sale-to-list price ratio of 95.8% and only 6.8% of homes sell above their asking price.
Buy an Ocala House in 2024 with Scott Coldwell
Having an experienced real estate agent at your side can make it easy to buy a home in 2024 that fits your budget and preferences. At Your Home Sold Guaranteed Realty - Coldwell Real Estate Services, Scott Coldwell and our team have worked with thousands of home buyers in Ocala and North Central Florida.
We know exactly what to do to guide our clients through closing and into their dream homes. Our experience is only one reason we’re ranked as the top realtor in Ocala. In addition, we offer unique buyer guarantees that make the buying process risk-free, like our Buy it Back Guarantee.
To learn more about working with Your Home Sold Guaranteed Realty - Coldwell Real Estate Services to buy a house in Ocala or the surrounding areas, call 352-290-3512, or fill out the form on this page.
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