The 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re likely curious about what effect, if any, the election will have on the housing market.
Historically, Presidential elections have had a small, temporary impact on the housing market. There’s typically a slight slowdown in home sales, mostly because people feel uncertain and hesitant about making big decisions during such a pivotal time. The slowdown is just temporary though, with home sales bouncing back in December and rising in the following year. In fact, after 9 of the last 11 Presidential elections, home sales went up the following year.
Home prices do not typically drop during election years, and after 7 of the last 8 Presidential elections, home prices increased the following year.
Mortgage interest rates tend to decrease a bit in the months before a Presidential election, which has happened 8 out of the last 11 election cycles.
While it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. If you have questions, reach out to me today. I’m here to help you navigate the market, election year or not.
Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License NumbersB.0026537LLCPM.0164922.BKR