With the 2024 presidential election quickly approaching next month, one of the most popular questions I get asked is, “Will the election affect the real estate market?”

Truthfully, like any market in the US, the results of the election can play a significant role in shaping the future of the U.S. housing market. As voters weigh in on key economic issues, such as inflation, interest rates, and housing affordability, the policies of the next administration will likely influence the direction of the market.

Historically, presidential elections create uncertainty, causing many potential buyers and sellers to adopt a “wait-and-see” approach. Historically, October has been a slow month for sales as we lead into an election in November. Data shows, though, that following 9 out of the last 11 presidential elections, home sales went up. So, although you may see a bit of a temporary slowdown, you can anticipate it won’t be permanent.

Another critical factor tied to the election is housing affordability, an issue that has been central in political discussions. Both parties have policies to address the housing crisis, with possible approaches ranging from, increasing the supply of affordable housing, to offering new tax incentives for first-time homebuyers. Data shows us that home prices have still gone up after 7 of the last 8 presidential elections, so you can take the safe bet that your homes won’t lose value after the election!

Overall, the 2024 presidential election shouldn’t be cause for concern, especially here in our Charleston real estate market. Whether you’re a buyer, seller, or investor, staying informed about proposed policies and their potential impacts is always a beneficial practice. And one thing we know for sure is if you wait on the market, you will be waiting a long time. It is important to do what is best for you and your family today – none of us has a crystal ball – I sure wish I did!

So keep in mind as we approach the election next month that the housing market may experience a period of uncertainty, but based on past election data, it’s safe to say most of the effects will be small and temporary!