Housing Trends: Relocation Outlook for 2024

As we wrap up 2023 and gear up for 2024, the housing market remains a hot topic for homeowners, potential buyers, and movers alike. At ADSI Moving Systems, we’ve got you covered whether you’re moving within South Carolina and Georgia or venturing farther away. Let’s dig into the major housing trends that could impact your next move.

Key Housing Market Trends for 2023 and 2024

1. High Mortgage Rates: In 2023, the housing market saw a significant rise in mortgage rates, with the 30-year rate rising from about 6% in February to 8% in October. 2024 is expected to bring lower mortgage rates, though not by much.
2. Steep Home Prices: Home prices continued to climb in 2023. Zillow predicts a steady increase in home values over the next few years, with an expected rise of 3.4% in 2024, 3.3% in 2025, and 3.2% in 2026.
3. Low Inventory Levels: The combination of high mortgage rates and steep home prices has resulted in low inventory levels, making 2024 a potentially challenging year for those looking to purchase a new home.
4. Regional Variations: Not all markets are experiencing the same trends. While some areas saw declining home prices, others experienced increases. It’s essential to research local market conditions in South Carolina and Georgia if you’re considering a move.
5. Home Price Predictions: Looking ahead, the National Association of Realtors (NAR) Chief Economist Lawrence Yun expects home prices to increase by around 3% to 4% in 2024.

Relocation Trends in Georgia and South Carolina

With high mortgage rates and low inventory levels, many homeowners are choosing to stay put for now. However, that doesn’t mean people aren’t relocating at all.

Here are some interesting relocation trends we’re seeing in Georgia and South Carolina:

Georgia Migration Trends

1. Georgia has experienced a surge in migration, particularly from southern states like Florida. This trend likely reflects the state’s economic growth and relatively affordable cost of living.
2. Many people moving to Georgia are choosing to settle in metropolitan areas, attracted by the job opportunities, cultural amenities, and vibrant lifestyle these regions offer.
3. Despite the influx of newcomers, Georgia’s housing market remains robust. Home prices have been steadily rising, but remain more affordable than many other parts of the country with a median home cost of $358,000.
4. In terms of population growth, Georgia ranked among the top states in the nation in 2023, with 123 people moving in for every 100 who moved out.

South Carolina Migration Trends

1. South Carolina ranked fourth in the list of states attracting newcomers, with over 15 newcomers per 1,000 residents. This trend is driven by factors such as the state’s pleasant climate, affordable housing, and job opportunities.
2. While many people are moving to South Carolina, others are moving away, often to nearby states like North Carolina. This out-migration is typically driven by factors such as employment opportunities and family considerations.
3. Like Georgia, South Carolina’s housing market is strong. Home prices have been rising, but remain below the national average at $287,065, making the state an attractive option for homebuyers.

To sum it up, both Georgia and South Carolina are seeing a big influx of people and growing populations, which shows they’re attracting a diverse group of individuals and families. These trends have an impact on the housing market, as there’s likely to be continued strong demand for homes in the years ahead.

What Does This Mean for You?

These trends have significant implications for those planning to move.

• Selling: If you’re selling your home, high home values could mean a healthy return on your investment. However, the high mortgage rates may reduce the pool of potential buyers.
• Buying: For buyers, high mortgage rates and home prices might pose challenges. It’s crucial to plan your finances carefully and consider the long-term affordability of your mortgage payments.
• Relocating: If you’re relocating, consider the cost of living and housing affordability in your new location. Research local housing market trends to ensure you’re making an informed decision.
• Renting: For renters, it’s important to monitor rental market trends. High home prices and mortgage rates could increase demand for rental properties, potentially driving up monthly rent prices.

On the Move? ADSI Moving Systems Can Help

As we make our way through the changing housing scene in 2024, ADSI Moving Systems is dedicated to assisting our customers in making seamless transitions. Whether you’re moving within South Carolina and Georgia or taking on a long-distance move, we’ve got your back throughout the entire journey.

For over 55 years, our relocation professionals have been moving families in the CSRA and across the southeast. When you’re looking for a team of dedicated relocation professionals to help with planning, packing, relocation, and beyond, we’re here to provide a customer-focused, quality-driven solution. Schedule your free estimate today and let us welcome you to your new home!