How Presidential Elections Impact the Housing Market: What to Expect After the 2024 Election
As the 2024 presidential election approaches, many potential homebuyers and sellers are keeping a close eye on the housing market, waiting to see how the election’s outcome might impact their buying and selling decisions. Historically, elections play a significant role in shaping housing trends, with data showing a consistent pattern of increased home sales following election years. By examining past trends and current market projections, we can get a sense of what to expect in the coming months.
The housing market is seeing its usual pre-election slowdown, with many potential buyers waiting to make big decisions until the results are in. Historically, the housing market tends to rebound following an election, with home sales increasing in 9 of the last 11 presidential election years since 1980. This pattern suggests that post-election 2024 could follow suit, with projected home sales expected to grow from 4.6 million this year to 5.2 million in 2025.
One major reason for this trend is that first-time buyers often delay purchasing until election uncertainty passes. Since the 1960s, there has been a sharper drop in home sales from October to November during presidential election years (when compared to non-electoral years), as consumers hesitate before committing to large financial decisions. Once the election results are finalized, buyers often feel more confident about the country’s direction and are more likely to move forward with their purchases.
Another factor driving post-election home sales is the forecasted drop in mortgage rates. In 8 of the last 11 elections, mortgage rates decreased in the months following the election. Lower rates make homeownership more affordable, creating a favorable environment for those who were previously on the fence about buying.
While election years often bring uncertainty that can stall the housing market, keeping informed about current market trends can help buyers time their purchases effectively. As we look beyond 2024, the post-election period may offer new opportunities for prospective homeowners looking to make their move in a more stable and favorable market. For a more detailed analysis for your particular market value in your neighborhood or the neighborhoods you’re interested in, please feel free to reach out to Dulcie directly at 702-505-2775 or email me at dulciecrawford@gmail.com
Dulcie Crawford is a native Nevadan, born and raised in Las Vegas. Dulcie stays current with market conditions and keeps continuously updated on market trends, legal reforms and financing so she can assist you in making informed decisions. A senior Realtor with Signature Real Estate Group, she has sold over 1,200 homes since 1998. You are assured a professional experience when buying or selling Real Estate with The Dulcie Crawford Group.
