The Impact of the 2024 Presidential Election on the Housing Market

With the presidential election around the corner, many are asking: how will it impact the housing market? Election years tend to bring a bit of uncertainty, which can affect the decisions of buyers and sellers. But what does that really mean for the housing market? Here’s a simple breakdown of what typically happens and what experts predict for the months ahead.

Election Year Trends: A Temporary Pause
Historically, home sales tend to slow down a bit before Election Day. In fact, a recent study by BTIG found that sales often dip slightly more than usual during this period, which can be especially noticeable for sellers with homes already on the market. Why the slowdown? It all boils down to uncertainty. With nearly a quarter of first-time buyers saying they’re waiting until after the election to make a move, it’s clear that some people prefer to “wait and see” how things unfold.

Good News for Sellers: Sales Rebound Post-Election
Here’s the silver lining: history shows this slowdown is usually temporary. In most election years, home sales pick up quickly once the results are in. In fact, data from past elections reveals that sales increased in 82% of the years following an election. Once people feel more confident about the future, they’re ready to get back to buying and selling.

What This Means for Buyers and Sellers in 2025
Looking ahead, experts are optimistic about 2025. Home sales are projected to rise from 4.6 million this year to about 5.2 million next year. If you’re thinking of selling, consider getting your home ready to list soon after the election to capitalize on this expected uptick. For buyers, now may actually be a good time to search, as competition is slightly lower.

Local Market Update for Stillwater and Hudson
If you’re interested in the latest local market stats, here’s a snapshot of what’s happening in the Stillwater and Hudson School Districts:

• New Listings:

  • October 2023:
    • Stillwater School District: 97
    • Hudson School District: 49
    • Total New Listings in 2023: 146
  • October 2024:
    • Stillwater School District: 136
    • Hudson School District: 50
    • Total New Listings in 2024: 186
  • September 2024:
    • Stillwater School District: 109
    • Hudson School District: 53
    • Total New Listings in 2024: 162

  New listings are up 27.40% since last year and up 14.81% since September.

• Price Changes:

  • October 2023:
    • Stillwater School District: $537,519
    • Hudson School District: $474,274
    • Average Price: $505,896.50
  • October 2024:
    • Stillwater School District: $618,828
    • Hudson School District: $451,205
    • Average Price: $535,016.50
  • September 2024:
    • Stillwater School District: $526,040
    • Hudson School District: $449,864
    • Average Price: $487,952

  Prices have increased 9.65% since September and are up 5.76% since last year.

• Average Days to Sell in October:

  • Stillwater School District: 44 days
  • Hudson School District: 40 days
  • Average: 42 days

Bottom Line
While election years can bring a brief pause, the impact on the housing market is typically short-lived. Once the dust settles, we usually see buyers and sellers re-entering the market with renewed confidence. So if you’re waiting on the sidelines, remember: this “pause” might just be an opportunity in disguise.

If you found this information helpful and would like to stay updated on the latest market trends, please don’t hesitate to get in touch. We’re here to guide you toward your best real estate decisions. Additionally, if you’re interested in data for any other area, we would be pleased to provide tailored market insights for you.