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Is the Housing Market Affected During an Election Year?
Dated: June 24 2024
Views: 213
Know the effects of the upcoming elections on the housing market.
It’s an election year, and if you’re planning to buy or sell a home, you might wonder if elections affect the housing market. Historically, they’ve had a relatively small impact on the housing market. But here’s what typically happens:
First, home sales tend to slow down slightly in November during election years, but data shows that activity usually picks up in December and rises the following year. Second, home prices tend to increase the year after an election. Third, mortgage rates often drop from July to November during an election year, making home buying more affordable a few months before the election.
The main point here is that presidential elections have a small and temporary impact on the housing market. For most buyers and sellers, there’s no need to worry, as the election should not significantly affect your plans. If you have any questions about buying or selling, please don’t hesitate to reach out to me. Send me an email, text me, or give me a call at (703) 216-4272. I’m always happy to help!
Terri Robinson
Terri Robinson, REALTOR® with RE/MAX Distinctive, has been a trusted name in Northern Virginia real estate for 24 years, representing buyers and sellers in Arlington, Fairfax, Loudoun, and Prince Wil....
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