The drop of the ball on New Year’s Eve signals a time for new goals. It’s a time for industries and professionals to reconsider their focuses, which means we often see some changing trends with a full 12 months ahead on the horizon. Here are a few from the real estate realm to look for next year!
Sustainable Living Takes Center Stage: Environmental consciousness is likely to play a more significant role in real estate choices. Homes featuring energy-efficient technologies, sustainable materials, and eco-friendly designs may see increased demand as buyers prioritize green living. There was already a boost in this sphere in 2023 when the Department of Energy announced incentives for builders to make certified Zero Energy Ready Homes a new standard.
And it’s not just within the real estate world that sustainability continues to grow — Montana has one of the highest green-energy portfolios of any state. In the northwest, 97% of the energy Flathead Electric Coop provides to nearly 60,000 members comes renewable and carbon-free fuels, while the state’s largest utility, Northwestern Energy, generates 60% of its energy from carbon-free sources. Pairing that with an energy efficient home makes it a good time to be green in Montana!
Small but Homey: The National Association of Home Builders reports that the median size for new single-family homes fell to 2,469 square feet in 2023, a likely effect of buyers wary of high mortgage rates. Even as mortgage rates are predicted to fall in 2024 (the National Association of Realtors estimates rates of around 6.3%) smaller homes are likely to stick around, but never forget that luxury can come in all shapes and sizes.
Remaining the Top Chef: Just as we saw greater emphasis on kitchen spaces in 2023, top designers are expecting the focus on food, family and friends to continue as a pinnacle of luxury homes. Homeowners continue to see the benefits of blending of functionality with aesthetics to create spaces that cater to the modern lifestyle. Features such as large-scale kitchen islands that double as bar tops and tables, dedicated drink stations and streamlined storage methods will continue to be more prevalent for both remodels and new builds.
These are just three trends to look forward to as we ring in 2024, but remember, having a Montana home is always trendy! Next month we’ll look at some additional design trends for the new year that will make your dream home pop.
.webp)