Market Predictions and Industry Insights With 2024’s Forecast Report and Podcast
Realogics Sotheby’s International Realty (RSIR) recently released their 2024 Forecast Report with curated articles from esteemed local experts diving into year-over-year comparisons, the market trends that shaped our 2023 market, and what we can look forward to in 2024. From RSIR’s very own President and CEO Dean Jones to economist Matthew Gardner, the report features illuminating insights into what has shaped our market, both globally and locally, to better inform us as we look towards the future and plan our next real estate moves.
In more exciting news, I’m pleased to announce that the Forecast Report now features a companion podcast series “Market Perspectives” hosted by Dean Jones as he interviews industry experts. I was honored to be featured as the series’ very first guest, kicking off episode one with a chat about everything from House Bill 1110 to new developments in the greater Seattle area. House Bill 1110 being passed is huge news for the market as it allows for major cities with large populations to provide the “missing middle” in housing, making it more attainable for people to own property at an affordable price within densely populated areas.
Hopefully, House Bill 1110 will encourage even more developers to build new multi-family housing in the greater Seattle area. In 2023 in Seattle, about 12,800 units were delivered—a 20-year high! This is due to the large number of permits (20,000) from 2020. In 2024, there are only 6,000 current permits. Demand will surely surpass the supply with the smaller number of condominiums expected to be delivered in the coming years.
We also dive into the benefits of ADUs (accessory dwelling units) and DADUs (detached accessory dwelling units). Recent research found that there are approximately 50,000 lots in the area where you could build a DADU. From people looking to downsize, enjoy rental income, or utilize their property as a multi-generational home, DADUs present a world of possibilities. Because House Bill 1110 is new and not all municipalities have been required to comply with it (although, by the end of this year, that will have changed), its full effect on developments, zoning, costs, permits, and more, will become clearer in the future.
Visit this page to read the report and tune into the weekly podcast series. As always, no matter what your real estate plans are, it's important to stay informed of the latest market trends so that you strategically navigate the market. I’d love to dig into what Dean and I discussed in episode one and answer any questions you may have, so contact me today.