Top 7 Real Estate Trends You Need to Know in 2024

Introduction

As the demand for homes continues to surge, emerging real estate trends are shaping the industry like never before.

Over the years, the real estate market has evolved from the old traditional ways, particularly due to the adoption of AI and PropTech tools. This has led to the industry being anything but predictable with the latest technology trends in 2024.

However, many agents are still caught up with outdated strategies and have fallen behind competitors who are quick to adapt.

For this reason, our experts identified the top 7 real estate trends you should know, which, according to them, will significantly influence the real estate market in 2024.

Here are the most popular ones:

1. PropTech Advancement

PropTech is one of the most popular real estate trends in 2024, changing the way we buy, sell, and manage real estate properties and transactions.

Real estate agents now use immersive technologies like VR and AR to provide virtual property tours that give buyers a realistic sense of space and design aesthetics.

In addition, 3D modeling and drone technology is now widely used to also give buyers a detailed and aerial view of properties that were out of reach.

Blockchain is also another PropTech tool that guarantees secure and automated property transactions with the introduction of smart contracts. The process is immutable and transparent, allowing buyers to verify the authenticity of properties without intermediaries.

Beyond that, online property platforms like Zillow and Trulia have simplified the buying and selling process to make it easier for people to find and purchase their dream property with just a few clicks.

2. AI in Real Estate

Another real estate trend is the use of artificial intelligence to break down complex information and data. AI is now the first point of contact for potential buyers making inquiries via chatbots and assistants like ChatGPT.

To implement AI in your real estate business, start by evaluating your current processes to identify where AI can make a significant impact. You can also use AI to analyze complex documents, get accurate property valuations and smart property management.

With the rising roles of AI in real estate, agents can offer personalized experiences and make data-driven decisions that enhance the overall efficiency of the industry.

3. Demand for Sustainable and Green Building Technology

Green building technology is transforming the demand for sustainable homes and has influenced the way we plan, build, and maintain properties. It’s all about saving energy, picking the right materials, and growing trees to keep the air nice and fresh.

As environmental sustainability becomes a priority, eco-friendly homes are in demand in the real estate market. They are now a key selling point in today’s market, as modern buyers prefer houses with energy-efficient appliances, eco-friendly insulation, and solar panels.

According to NAR’s survey report, over 25% of home buyers are willing to pay for these features. The demand for sustainable homes is more than just a trend; it reflects our commitment to protecting the environment.

4. Rise of Remote Work and Suburban Living

The COVID-19 lockdown caused a major shift in the corporate world, as people were forced to work remotely. This new way of work has reduced the need to stay close to urban workplaces. It has turned the property market mechanism upside down with a significant increase in suburban and rural areas.

Now that the market demand has changed, real estate agents need to prioritize space, affordability, and quality of life over proximity to city centers. As a result, suburban living is on the rise, with more people seeking homes that offer larger living areas, home offices, and outdoor spaces.

This trend is transforming the real estate market, driving demand in areas that were previously overlooked.

5. Integration of Smart Homes

Smart building technology is one technological advancement that has minimized staffing costs and human error possibilities. It has also changed the way people interact with their living spaces. This trend has caused a surge in demand for properties equipped with smart devices like thermostats, lighting systems, security cameras, and voice-activated assistants.

The installed tech appliances offer homeowners greater convenience, energy efficiency, and enhanced security, making them valuable additions to modern real estate properties.

Incorporating smart home options in your listings can give you a competitive edge as a real estate professional or investor.

6. Build to Rent (BTR) Model

The Build to Rent model has gained immense popularity in addressing shifting housing demands. This emerging trend involves purposely erecting rental properties intended to supply long-lasting rental possibilities with amenities commonly connected to homeownership, such as shared spaces, fitness facilities, and concierge services.

The BTR model appeals to people who like the freedom of renting but still want a nice place to live. In 2024, experts think this trend will grow as more builders and investors see the chance for steady long-term profits from rental properties.

If you want to add variety to your property investments, the Build to Rent model allows you to make money with low risk. Today’s renters expect and deserve well-planned buildings that offer high-quality choices for different stages of life.

7. Emergence of New Real Estate Investment Strategies

The real estate investment market is growing as new strategies are introduced to meet the needs of an evolving marketplace.

Our experts predict a rise in fractional property ownership as well, with investors able to buy shares in properties and real estate crowdfunding allowing developers to access funds for development.

Also, using data-driven investment tools and platforms will help investors make better decisions, which in turn will lead to higher returns and fewer risks.

These new strategies are ushering in an era where more people have the opportunity to participate in real estate, and they may just be what’s needed next in a market that is becoming both accessible and increasingly dynamic.

The Bottom Line

These popular trends show how the real estate market will continue to change in 2024. Due to economic conditions and shifting consumer preferences, real estate trends will continually shape the housing market.

Managing these changes and adapting to them will help you succeed in this fast-moving field. These trends and tools can guarantee your success in real estate for years to come.