Real Estate Leaders See Housing, Economy Improving in 2024

Real estate brokerage leaders are once again bullish on housing and the economy in 2024, according to the newest Delta Real Estate Leadership Survey of more than 130 brokerage leaders representing firms collectively responsible for more than 65 percent of all home sales last year.

Two in three (66%) leaders expect housing demand to improve this year, compared to last year when only third of leaders surveyed expected improvement in 2023.

Moreover, a little more than half (53%) of leaders said the US economy will improve or improve significantly in the next 12 months. It's about-face for real estate leaders as last year 51% expected the US economy to deteriorate in the next 12 months (2023).

"The Delta survey once again reveals real estate leaders' confidence in the economy increases the closer it is to home," explained Michael Minard, CEO and owner of Delta Media Group. "They are much more confident about their local economy than their state, US or global economy," he added.

When real estate brokerage leaders were asked to rank their confidence in their local, state, US and global economies today versus a year ago, local economies reaped the highest overall confidence (42%), followed by state (33%) and US (29%)

"Leaders have little confidence in the global economy," Minard said. "Only 3% were more confident of the global economy today versus a year ago, with 57% being less confident. Forty percent said their confidence remained unchanged," he added.

Still, one in five real estate leaders believe the US economy (20%) will deteriorate or deteriorate significantly in 2024.

About the survey

The independent research, conducted in December 2023 by Delta Media Group, one of America's largest technology solutions providers for real estate brokerages, collected responses from more than 130 broker-owners and top brokerage executives representing firms that were responsible for more than 65 percent of US residential real estate transactions last year.

More than one in four (28%) of the leaders responding manage brokerages with more than $1.5 billion to over $10 billion in projected 2023 transactions; nearly one third (31%) manage brokerages with over $500 million to $1.5 billion; 31% manage brokerages with over $100 million to $500 million, and 10% manage brokerages with less than $100 million in total transactions.

Delta survey participants included leaders from all sizes of brokerages, with 14% managing brokerage with more than 1,000 agents; 12% managing brokerages with over 500 to 1,000 agents; 38% managing brokerages with more than 100 to 500 agents; 16% managing brokerages with over 50 to 100 agents; 6% managing brokerages with 50 agents or fewer.

Forty-four percent of the respondents are 60 years or older; 32% are 50 to 59 years old; 14% are 40-49 years old; and 8% are 31 to 39 years old and 1% are 18-30 years old. In addition, 74% surveyed are male, and 26 percent are female – up from 21% female last year.