What You Need to Know About Home Sales After Election Years
With the 2024 Presidential election approaching, you might be wondering how it could impact the housing market. Here’s what you need to know:
Election Years Bring Temporary Slows in Home Sales
In any year, home sales tend to slow down during the fall. However, in election years, there’s often a more noticeable dip. This slowdown is due to uncertainty—many consumers hold off on making big decisions or purchases while they wait to see the outcome of the election. This trend has been consistent in past election years, especially for buyers and sellers in the housing market.
For example, a recent survey revealed that 23% of potential first-time homebuyers were choosing to wait until after the election to make their move. This pause was driven by the uncertainty that elections bring.
Sales Typically Bounce Back After the Election
The good news? The sales aren’t lost—they’re just postponed. Historically, home sales tend to rebound after the election. Once the dust settles and people have more clarity on what’s ahead, confidence in the market tends to rise, leading to an increase in home sales.
What’s Next in 2025?
If history is any indicator, home sales will likely increase in 2025. The housing market often sees a surge in activity following an election, and the latest forecasts predict more homes will sell next year. So, while things might feel a bit slower now, expect activity to pick up again soon.
Bottom Line
Though election years often bring a temporary slowdown in home sales, this is usually short-lived. Those postponed sales are just waiting for the uncertainty to pass. Soon, buyers and sellers will return to the market with renewed confidence. If you’ve been holding off on making a move, rest assured that the market is expected to pick up speed in the months ahead.
Ready to make your move? Contact me, Teresa Hill, to discuss your real estate needs today!
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