This week the calendar flipped, welcoming a new year and all its potential. Timeless homes feature consistent architectural themes year after year, but there are subtle changes that happen depending on family priorities, technology, and overarching circumstances that are often outside of a homeowner’s control. Below we highlight our top three trends for 2024 based on what we’re hearing from clients and the state of our world today.
1. A trend towards renovation
Over the past year interest rates have aggressively grown and the real estate market has become increasingly locked. With few homes on the market and current homeowners unwilling to give up low mortgage rates, there are few homes to purchase, inflating home prices and frustrating prospective buyers.
As a result, in 2024 homeowners will look to make their current properties work harder, renovating and rethinking existing spaces. Kitchens and bathrooms will be widely redone – some homeowners will consider renovating every bath in the house. Basement renovations will factor prominently, with clients seeking floor plans with entertainment rooms, guest suites, and teen getaway spaces. The popularity of built-in bunk rooms will continue for the same reason – they represent a way to make an existing space work harder, sleeping more guests in the same footprint. Last but not least, homeowners will explore developing their exterior, expanding square footage via outdoor dining, conversation, and gathering spaces.
2. A plan to age in place
In part because of the locked real estate market and in part because our client base is living longer thanks to incredible healthcare, we expect a trend towards aging in place. Our clients are now very often requesting flexible floor plans with two primary bedroom suites – one on the second floor with other bedroom chambers and a second on the first floor to accommodate homeowners should they choose to age in place. When only one of the two suites is used as the primary, the other typically becomes guest quarters with elevated levels of flourish and finish.
Further, we expect an architectural trend towards timeless suburban multifamily development to accommodate a vibrant albeit aging population that wants to be near grandchildren without the full responsibility of single family homeownership. We are involved in a number of such projects at present and feel they are a positive trend for the future.
3. A focus on energy efficiency
With renovation and new construction alike, we expect a continued trend towards overall energy efficiency driven by client expectation. Upgrading to smart thermostats is no longer a trend – it’s the norm – and investing in energy-efficient HVAC systems is desired. Similarly, LED lighting, premium open cell insulation, and energy efficient windows and doors are standard. Popular energy sources will continue to evolve, with many towns enacting laws to encourage induction or electric ranges and phase out gas appliances in residential structures. In addition, carriage houses will be outfitted with amperage to accommodate charging ports for electric vehicles, a trend we saw in 2023 that we expect to continue well into 2024 and beyond.