At the halfway point of 2024, we are seeing the first signs of market stabilization: inventory is up, price reductions are more common, and the buyer pool can negotiate further than before. Looking at other markets like Austin, TX, and Denver, CO, we’re seeing a significant rise in inventory and Santa Fe is not lagging far behind. Sellers may not welcome that news as buyers have more options and leverage and the market becomes more balanced, however, the appreciation in home prices over the past few years has provided lots of padding.
There are hints that the Federal Reserve may finally lower interest rates, just as prices begin to plateau. This, coupled with strong inventory, could provide more ‘normal’ market conditions for buyers and sellers. And honestly, doesn’t some normalcy sound alright right now?
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